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Stamp Duty on cheap property
thebullsback
Posts: 614 Forumite
Our main Home is up for Sale for £125k
we are interested in 2 properties but only intend to buy one of them
A is valued at £130k
B is valued at £210k
If we have not sold our Home before we own either A or B what impact will Stamp Duty have?
Also Can Stamp Duty be claimed back once original Home is sold?
Thank you for reading
we are interested in 2 properties but only intend to buy one of them
A is valued at £130k
B is valued at £210k
If we have not sold our Home before we own either A or B what impact will Stamp Duty have?
Also Can Stamp Duty be claimed back once original Home is sold?
Thank you for reading
Keep in your thoughts the poor Beasts of burden around the World and curse All who do them harm.
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Comments
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Assuming England. If you buy a second home, you pay the higher rate of stamp duty - it's basically a tax on the whole price, so is quite a lot. However, if you sell your first home within 3 years of buying the second home, you can claim it back.0
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Yes in England.
So how much would the stamp duty be on each option?
I have tried looking it up but I'm confused when it gets on about different rates for different property prices.Keep in your thoughts the poor Beasts of burden around the World and curse All who do them harm.0 -
On the £130,000 property you'd pay £6,600 SDLT rather than £100 because at the time of purchase it would be an additional residential property.On the £210,000 you'd pay £12,200 SDLT rather than £1,700 because at the time of purchase it would be an additional residential property.If you were to sell the £125,000 property within 3 years of purchasing the new property you could claim the additional SDLT paid back.
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That's answered my question. Thank you and others for your inputKeep in your thoughts the poor Beasts of burden around the World and curse All who do them harm.0
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Link here to the Gov.uk SDLT Calculator which may come in useful https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#!/intro🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0
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