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paraman
Posts: 29 Forumite
I purchased a house in 2005 as my main residence and I moved out of the property in 2011 and I rented the property out. My tenant left recently and I plan to put the house up for sale shortly.
I purchased another house in 2012 as my main residence and I am looking to part exchange the house for a new build as my main residence. The salesman at the new build development site has told me I will have to pay the investors stamp duty on the house I may be buying as I already own another house which I rented out.
Will I have to pay the extra money in regards to second home stamp duty tax?
I purchased another house in 2012 as my main residence and I am looking to part exchange the house for a new build as my main residence. The salesman at the new build development site has told me I will have to pay the investors stamp duty on the house I may be buying as I already own another house which I rented out.
Will I have to pay the extra money in regards to second home stamp duty tax?
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Comments
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No. As long as you complete on the sale and purchase on the same day (and why wouldn't you with a part-ex), you won't have to pay the 3% surcharge if replacing your main residence.
https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property#if-you-replace-your-main-home for the simple version, https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/570876/SDLT_Higher_rates_for_additional_properties.pdf for the full details.0 -
I purchased a house in 2005 as my main residence and I moved out of the property in 2011 and I rented the property out. My tenant left recently and I plan to put the house up for sale shortly.
I purchased another house in 2012 as my main residence and I am looking to part exchange the house for a new build as my main residence. The salesman at the new build development site has told me I will have to pay the investors stamp duty on the house I may be buying as I already own another house which I rented out.
Will I have to pay the extra money in regards to second home stamp duty tax?
So you're selling your main residence and purchasing a new main residence on the same day? Then higher rate stamp duty is NOT due.0 -
No, not if your selling your main residence to purchase a new one.0
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