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Stamp duty
brucethefish
Posts: 173 Forumite
Hi
Sure this is a common scenario, just couldnt find the answer from previous searches
I own (mortgaged) the house I live in, plus have a buy to let. Looking at online calculators, if I was to buy a new house for £300,000 (and sell the house I live in), the stamp duty would be £20,000.00
However it then mentions that the higher rate could be refunded when the sale goes through?
Just wanted to check what the net amount would actually be due is
Sure this is a common scenario, just couldnt find the answer from previous searches
I own (mortgaged) the house I live in, plus have a buy to let. Looking at online calculators, if I was to buy a new house for £300,000 (and sell the house I live in), the stamp duty would be £20,000.00
However it then mentions that the higher rate could be refunded when the sale goes through?
Just wanted to check what the net amount would actually be due is
0
Comments
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England, Wales or Scotland?1
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Although to be clear if you are selling your current main residence and replacing it with a new main residence you wouldn't pay the additional stamp duty anyway.
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England, should have added0
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I would still have the buy to let though0
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Doesn't matter. You are not increasing the number of properties you own, just replacing your main residence with another.brucethefish said:I would still have the buy to let thoughI'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1 -
It doesn't matter if you still have your buy to let or indeed 25 buy to lets - as long as you are selling your main residence and buying another main residence there is no additional 3% stamp duty to pay0
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So on the £300,000 example it would actually be £15,000 due?0
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Which calculator are you using? The one on HMRC's site includes a question about replacing your main residence so will give you the correct answer.1
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If you are moving house within England, you'd pay £5k SDLT on a £300k purchase.1
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With a second rented property?0
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