Higher rate stamp duty

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    Higher rate stamp duty

    Hi
    we are selling our main residence and moving into a buy to let I have and in a few months looking to buy another main residence for approximately 350k .
    I have now understood I will have to pay higher rate stamp duty , is there any way around it . I have used a calculator and standard duty is 7.5k but higher is 18k (5.1%)
    Many thanks
    jason

    #2
    Afaik the only way to avoid the levy is to sell the buy to let, as well as your main home

    Comment


      #3
      You shouldn’t have to pay the higher rate as you’re selling your main residence to buy another main residence. You have a 3 year window in which to complete the sale of your current home and complete the purchase of your new home so as long as you’re within that time frame the time spent in your BTL won’t matter.

      Comment


        #4
        Hi is there any way to confirm that because we will hopefully move within 12 months of moving into buy to let

        Comment


          #5
          Depends on tax rules when you sell. In 12 months who knows? Country's finances in such a mess what with Covid, Brex**it, Ukraine, etc etc many including me expect takes to increase, this sort of tax IMHO highly likely.
          I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

          Comment


            #6
            Op did you pay second stamp duty levy on your BTL?

            Comment


              #7
              No I bought my last buy to let in 2008 ? Just hopeful I can avoid it but I fear not ☹️

              Comment


                #8
                https://www.gov.uk/stamp-duty-land-t...property-rates

                Comment


                  #9
                  Keep your last council tax and utility bills from old residence ( as evidence ) to show conveyancing solicitor for purchase of new residence .

                  Comment


                    #10
                    Originally posted by jase222 View Post
                    Hi is there any way to confirm that because we will hopefully move within 12 months of moving into buy to let
                    It's in the manual.

                    https://www.gov.uk/hmrc-internal-man...ual/sdltm09800

                    Comment


                      #11
                      I appreciate that this is slightly off topic for the OP but Is your Buy to Let in Mortgage ? If yes have you obtained consent from your lender to occupy it since by doing so the mortgage then becomes a regulated BtL for which not every lender allows , just a question you might want to deal with if you haven’t sought consent.

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