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Where Taxpayers and Advisers Meet

Considered to be first Main residence?

hugomaschmitz
Posts:1
Joined:Fri Jun 08, 2018 11:10 am
Considered to be first Main residence?

Postby hugomaschmitz » Fri Jun 08, 2018 11:30 am

Hi all,

Three years ago I bought a small property. However, at that time I got married soon after, so the property I bought has always been rented out, we have never lived in there.

We live since then in a larger house that we rent, i.e., we are the tenants. We are thinking to buy a new property valued at £340K. If we buy this property, then we'd move there and that would be our main residence. Since our main residence has never been our property before, would in this case the extra 3% stamp duty rule apply to us in case we'd try to do the extra purchase? I get very conflicting messages from my solicitor who insists on paying the extra amount and my financial adviser who is against.

Please, any advice would be very appreciated, this makes such a massive difference.

Thanks very much,
Hugo

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Considered to be first Main residence?

Postby bd6759 » Fri Jun 08, 2018 6:30 pm

If at the end of the day you own more than one property, the 3% will apply unless there is an exemption.

The exemption is usually that you have acquired a new residence to replace a previous residence. If you have not sold a residence, you have not repaced a resdience.


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