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  • FIRST POST
    • Donnalennon
    • By Donnalennon 9th Apr 18, 7:46 PM
    • 2Posts
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    Donnalennon
    Second property tax Scotland
    • #1
    • 9th Apr 18, 7:46 PM
    Second property tax Scotland 9th Apr 18 at 7:46 PM
    Wondering if anyone has any advice.

    I joking own a flat with my husband which is interest only and in around 10-15k negative equity bought for 92,500 would be lucky if I can get 80k if I sell it.

    We out grew it and so rent it out and lived in a private let and ended up using having to use credit cards to live due to repairs, higher rent etc. Now we have moved in with family to try to clear our feet.

    So, just trying to figure out how much I should be aiming to save. Will I will have to pay second property tax if I buy something else? I think I read before that if you were moving to a main residence then you donít have to pay it, I canít find that anywhere when I am searching now though. Any advice would be great x
Page 1
    • amnblog
    • By amnblog 9th Apr 18, 8:35 PM
    • 10,415 Posts
    • 4,116 Thanks
    amnblog
    • #2
    • 9th Apr 18, 8:35 PM
    • #2
    • 9th Apr 18, 8:35 PM
    You pay second property tax if you start the day owning one property and end it owning two.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Donnalennon
    • By Donnalennon 10th Apr 18, 1:08 AM
    • 2 Posts
    • 0 Thanks
    Donnalennon
    • #3
    • 10th Apr 18, 1:08 AM
    • #3
    • 10th Apr 18, 1:08 AM
    Was there ever something about moving from a main residence to a main residence is what I am asking. I would get rid of that property if I could afford to !!!128557;
    • scottishblondie
    • By scottishblondie 10th Apr 18, 7:43 AM
    • 1,997 Posts
    • 1,278 Thanks
    scottishblondie
    • #4
    • 10th Apr 18, 7:43 AM
    • #4
    • 10th Apr 18, 7:43 AM
    Yes if you are disposing of your main residence and buying a new one then the surcharge does not apply, even if you own other properties. However, as you are not disposing of (selling) a main residence you are liable for the surcharge. There is no way around it other than to sell the flat before proceeding with any purchase.
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