Implications of buying my first house but to let out

yelf

If I buy my first ever house but let it out and never live in it, will I pay CGT on any gain when sold?

And if later I buy a house to live in, will I have to pay extra stamp duty on it?
Thank you

user1977

Yes to both. Be aware you also don’t get the FTB relief on SDLT/LBTT/LTT.

user1977

[Quoted post removed by Forum Team]

Anyone who can find out where you're really living? Anybody who knows that there's a tenant in the property? Anybody who knows you have a BTL mortgage? etc etc

Money-saving advice here doesn't generally extend to tax evasion!

Olinda99

apart from anything else there is a compulsory register of landlords coming, and youbwould have to declare the rent on your tax return

Bigphil1474

OP, if you didn't pay CGT when you sold it, it would be tax evasion. If you sold it before buying a house to live in, you wouldn't have to pay extra SDLT on the new house but you would have lost the FTB benefits. You would have to pay extra SDLT if you hadn't sold the first property when you bought the second property, but could claim it back if you sold the first property within 3 years of buying the second property. Taxes are good, pay what's due.

Bookworm105

Bigphil1474 said:

but could claim it back if you sold the first property within 3 years of buying the second property. 

first property has never been lived in as main home so refund not available as no replacement of main residences has taken place 
there is more to being main home than mere occupation...
SDLTM09812 - SDLT - higher rates for additional dwellings: Meaning of 'main residence' - HMRC internal manual - GOV.UK

theartfullodger

Implications?  You probably don't know enough about being a landlord and it will be painful.

Yes to both in current rules, which will change .

ReadySteadyPop

Olinda99 said:

apart from anything else there is a compulsory register of landlords coming, and youbwould have to declare the rent on your tax return

Do you have a link to that news?

theartfullodger

Scotland, ahead of the game, has had compulsory registration of landlords for some time.  Iirc up to £50,000 fine possible, rarely enforced, sadly.

Olinda99

ReadySteadyPop said:

Olinda99 said:

apart from anything else there is a compulsory register of landlords coming, and youbwould have to declare the rent on your tax return

Do you have a link to that news?

all landlords will.be required to pay a fee and join the PRS landlord ombudsman - google will provide some links