Tax Forum :: Free Tax Advice

Currently if you buy a second home you pay additional SDLT 3% but if you sell within three years you can reclaim this additional 3%.

We are buying a new house but want to keep ours for a year while we renovate the new one. After that year we plan to sell off the first reclaim the 3% and only hold one property.

My only concern is what if the rule about the 3% reclaim changes at a later date? Is that possible?

HI Andy, any changes which happen after your transaction won't affect you. If you get a quote fro SDLT now on gov.uk, they ask for the date of the transaction so as to apply the correct rules for that period.

All the best

Matthew

Even if changes occur they are unlikely to be retrospective.

Once you've purchased a new home you should be able to reclaim the 3%; even if they, say, reduced the period for a reclaim to 18 months it is likely the 3 years applicable to when you bought would still apply under some from of transitional rule.