36 months SD rule

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    36 months SD rule

    With one property let out, I am looking to buy a second to live in. Is it possible to do this now paying the extra 3% then sell the let property in a year's time and have the 3% refunded?

    #2
    How do we know what changes will be brought in over the next 3 years?
    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


      #3
      I was just referring to the 36 month refund rule and whether it would apply in my situation?

      Comment


        #4
        Based on the consultation document, no.
        You aren't replacing your main residence, so the refund doesn't look like it applies.
        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

        Comment


          #5
          Thanks, wasn't sure. My tenant wants to stay so I wondered if I could give her another year before marketing the flat. Looks like I will have to sell before buying again.

          Comment

          Latest Activity

          Collapse

          • Any property tax experts you can recommend please?
            by mpppen
            Hello,
            We have a small BTL portolio of five properties. Some are in our personal names and the latter ones in a property company we set up a few years' ago when the tax rules changed.

            I'd really like to find someone who can advise us of the best way of either bringing the personal...
            03-03-2022, 20:00 PM
          • Reply to Any property tax experts you can recommend please?
            by Trevor62
            Thank-you for the link.

            Well my issue is Tax & Assets.

            Firstly, I am in the process of building a house in my side garden, when complete I will own two properties.

            Will I have to pay stamp duty for the new build?

            Because I am an old dad and my...
            19-05-2022, 19:44 PM
          • Capital Gains Tax dilemma
            by Ollyn
            Hello

            I am considering whether to sell my house which has been let for some time and need to see how I can best deal with CGT.

            I lived in the property from 1984 until 2006.

            From 2006 it has been occupied by tenants, now vacant and being renovated.

            ...
            18-05-2022, 18:17 PM
          • Reply to Capital Gains Tax dilemma
            by Gordon999
            You have owned the property for 38 years ( 1984 - 2022 ) and lived in the property for 22 Years ( 1984-2006 ) plus 16 years for letting..

            The total capital gain over 38 years is apportioned between "residence period" ( exempt for cgt ) and "letting period" ( liable...
            19-05-2022, 10:07 AM
          • Reply to Capital Gains Tax dilemma
            by ash72
            You should seek advice from an accountant, or a property tax for tailored advice to your specific circumstances, you may be entitled to some relief if the property at any time was your own principal residence.
            18-05-2022, 21:14 PM
          • Reply to Capital Gains Tax dilemma
            by theartfullodger
            You declare (online) and pay CGT within 60 days of sale. Depending on the numbers I would expect you to pay CGT. What records do you have of applicable costs, etc?

            What you pay will depend on what CGT rules when you sell - v unlikely to be better than today, possibly worse. Covid,...
            18-05-2022, 18:29 PM
          • Reply to Tax Allowance on Rental Income.
            by Gordon999
            The property allowance is a tax exemption of up to £1,000 a year for individuals with income from land or property.

            If you own a property jointly with others, you’re each eligible for the £1,000 allowance against your share of the gross rental income.

            If your annual gross...
            18-05-2022, 16:47 PM
          • Reply to Tax Allowance on Rental Income.
            by jpkeates
            It's £1,000 each.

            Most landlords don't use this though, because it's rare for income from a rental property to be low enough to qualify,
            18-05-2022, 09:59 AM
          • Tax Allowance on Rental Income.
            by banner257
            Can anyone help please, if a rental property is owned by two people 50 50. Would each owner be allowed to claim tax relief of £1000 each, or will the allowance of £1000 be split 50 50.
            Thanks
            18-05-2022, 08:42 AM
          • Reply to Consent to Let - do we still need to pay tax
            by Madmax86
            Rent is income. All income needs to be declared, regardless of the mortgage you have
            18-05-2022, 08:50 AM
          Working...
          X