Stamp duty on 2nd home that I want to let

Supersunset

I own a house with my partner from around 2021. I also inherited a property in 2023 which I class as my main residence . We were considering selling our jointly owned home, and buying elsewhere, but realised we would have to pay additional stamp duty on my inherited house.  I have been told that if I move back with my partner and class that house as my main residence I can then let out my inherited house , and no stamp duty would be payable on it as it is not my main residence.  Does anyone know if this is correct ? 

I am going to consult a solicitor but just wondered if anyone has any advice.
thank you. 

saajan_12

Supersunset said:

I own a house with my partner from around 2021. I also inherited a property in 2023 which I class as my main residence . We were considering selling our jointly owned home, and buying elsewhere, but realised we would have to pay additional stamp duty on my inherited house.  I have been told that if I move back with my partner and class that house as my main residence I can then let out my inherited house , and no stamp duty would be payable on it as it is not my main residence.  Does anyone know if this is correct ? 

I am going to consult a solicitor but just wondered if anyone has any advice.
thank you. 

Many things wrong here. 
- Are you married or in a civil partnership?
- Do you actually live in the inherited property? Theres no concept of classing things as your main property. 
- Did you inherit the whole second property, or part of it (and perhaps buy out others for the rest)? 

Stamp duty is paid upon purchase not now. You may have to pay a higher rate on the purchase depending on what you also own at the time. Where do you actually live? 

silvercar

Supersunset said:

I own a house with my partner from around 2021. I also inherited a property in 2023 which I class as my main residence . We were considering selling our jointly owned home, and buying elsewhere, but realised we would have to pay additional stamp duty on my inherited house.  I have been told that if I move back with my partner and class that house as my main residence I can then let out my inherited house , and no stamp duty would be payable on it as it is not my main residence.  Does anyone know if this is correct ? 

I am going to consult a solicitor but just wondered if anyone has any advice.
thank you. 

Some errors in that.

I'm assuming you are not married.

If you sell your jointly owned home and it hasn't been your main residence for the whole time of ownership, you may have a CGT liability.

If you purchase a new home while keeping the inherited home, you could have higher SDLT to pay as you are not replacing your main home.

Far better on both fronts to move into your jointly owned home.

You may, if income and finances allow, be better off having the new purchase in your partner's sole name at purchase, to avoid additional SDLT. This requires trust that they won't run off with the proceeds on a sale or chuck you out.