This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

First home - should I pay higher SDLT?

Goldenfire
Posts:1
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.

AdamS93
Posts:268
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.

SDLT Geek
Posts:232
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.


Return to “Stamp Duty, Stamp Duty Land Tax, SDLT”