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2nd home stamp duty
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gaylelkirk
Posts: 2 Newbie
I currently jointly own a property with my sister, of which my mother resides.
I want to buy a property to live in as my main residence, would I be subject to 2nd home stamp duty, there are so many conflicting answers even HMRC couldn’t give me a definite answer . Thank you
I want to buy a property to live in as my main residence, would I be subject to 2nd home stamp duty, there are so many conflicting answers even HMRC couldn’t give me a definite answer . Thank you
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Comments
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What property the higher rates apply to
When you know who the rules apply to, you should work out how many residential properties each of you will own at the end of the day of your new purchase.
If any of you will own, or part own more than one residential property worth £40,000 or more, you will have to pay the higher rates on your new purchase (unless there is another reason why the higher rates do not apply).
Include any residential property that:
- is owned on behalf of children under the age of 18 (parents are treated as the owners even if the property is held through a trust and they are not the trustees)
- you have an interest in as the beneficiary of a trust
Include your current home, if you still own it at the end of the day you buy your new home.
https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property
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There should be no uncertainty you definitely will be paying the additional tax, unless you happened to inherit the property from your father and your mother has the right to live there.0
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Might help if you can explain how you arrived at different answers?gaylelkirk said:there are so many conflicting answers even HMRC couldn’t give me a definite answer1 -
Just noticed from an older thread that the OP already owns a house, so if they are selling that at the same time they won’t need to pay it.2
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As @Keep_pedalling says, it would make a big difference if, as well as the property you mention, you own a home which you live in and which you are selling: https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm09800gaylelkirk said:I currently jointly own a property with my sister, of which my mother resides.
I want to buy a property to live in as my main residence, would I be subject to 2nd home stamp duty, there are so many conflicting answers even HMRC couldn’t give me a definite answer . Thank you1
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