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Where Taxpayers and Advisers Meet

First home - should I pay higher SDLT?

Joined:Tue Dec 24, 2019 6:59 pm
First home - should I pay higher SDLT?

Postby Goldenfire » Tue Dec 24, 2019 7:08 pm

Hello, I live in rented accomodation.
I own a BTL property with a tenant, which I have never lived in and has always had a tenant. This is my first and only property purchase.

I am now planning on buying a home to live in. This will be a joint purchase with my wife who is a first-time buyer.

This new property would 'replace my main residence' as our current residence is a rented flat, which we would obviously leave to move into our new home. Would I be exempt from the higher rate of stamp duty on this basis? Or even though I have never owned a main residence, I still get hammered by the tax?

Thanks for your help.

Joined:Tue Sep 26, 2017 6:28 pm

Re: First home - should I pay higher SDLT?

Postby AdamS93 » Tue Dec 24, 2019 10:35 pm

Yes, SDLT higher rates will apply unless you sell your BTL property.

Joined:Sun Apr 30, 2017 5:45 pm

Re: First home - should I pay higher SDLT?

Postby SDLT Geek » Thu Dec 26, 2019 9:25 pm

Yes, higher rates unless you first sell (or otherwise dispose of) the let property. You would not be able to reclaim the extra 3% if you sell / dispose of the let property after your purchase goes through.

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