Will I pay the extra stamp duty?

[TRex]

Hello all,

Hoping to take some guidance from you all on the back of the budget yesterday saying all first time buyers potentially may not have to pay stamp duty

Situation:

I own a buy to let property in my name. My wife and I have found our first home and are due to complete on it in 2018. My wife has no property and this will be her first, I have no residential property this will be my first.

(The residential property we are buying is £316,000)

Are we liable for stamp duty? What would the amount be?

Thanks

[maths]

A quick look at the Budget shows that you would be liable to the SDLT 3% "surcharge". You are not a so-called "first time buyer".

SDLT £15,280.

Others may have digested the Budget changes re the SDLT changes more carefully than me.

[bd6759]

https://www.gov.uk/government/publicati ... 2017-brief

The definition of a first-time buyer for this relief is in line with the definition for previous
reliefs. A first-time buyer is someone who has never owned freehold or leasehold interest in a
dwelling before and who is purchasing their only or main residence. Residential property
anywhere in the world is counted when determining whether someone is a first-time buyer.
Where there are joint purchasers, all purchasers would need to be first-time buyers.