Question Re the 3% BTL SDLT Premium

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  • jghomer
    started a topic Question Re the 3% BTL SDLT Premium

    Question Re the 3% BTL SDLT Premium

    Hi All

    Both myself and my wife each have a number of BTL props in our sole names.

    We also jointly own our marital home.

    We want to move house to something bigger, and have been advised that the 3% SDLT Penalty will sting us on the new purchase even though it is our main residence.

    This didn't sound right so I thought I would seek other opinions?

    Many Thanks.

  • Gordon999
    replied
    If you buy a new home before you have sold the present home, you should expect to pay the extra 3% sdlt.

    But current rules, you are given 36 months grace period to sell the old home and claim back the extra 3% paid on the new home

    Leave a comment:


  • jghomer
    replied
    Thanks. Yes we are selling our main residence and buying another. So that's good news, thank you.

    Leave a comment:


  • JamesHopeful
    replied
    You'll need to sell your existing home in order to avoid it. Details can be found online about how it works in circumstances where the sale of your existing home isn't exactly contemporaneous with the purchase of the new one. "Replacement of main residence" or some such is the term used.

    Leave a comment:

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