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Where Taxpayers and Advisers Meet

Question on new residential purchase for a BTL owner who is currently renting

boyabayo
Posts:1
Joined:Wed Aug 06, 2008 3:12 pm
Question on new residential purchase for a BTL owner who is currently renting

Postby boyabayo » Tue Apr 27, 2021 12:50 pm

Hello,

I own several BTLs but I'm currently renting. I'm renting from another landlord (no connection to myself).
I am in the process of purchasing a residential property to move into as my new home. The purchase price is £463,000 and the completion date is this week.

Could someone please let me know if the enhanced stamp duty (estimated at £13,890) is due? My conveyancer reckons this amount is due but I'd appreciate a second opinion.



Thanks.

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Question on new residential purchase for a BTL owner who is currently renting

Postby maths » Tue Apr 27, 2021 1:02 pm

You're not a first time buyer but you will pin completion of your purchase own two or more properties and hence the 3% applies; there is still a "holiday" e SDLT.

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

Re: Question on new residential purchase for a BTL owner who is currently renting

Postby bd6759 » Tue Apr 27, 2021 2:47 pm

You are liable for the additional rate.

If you complete on or before 30/6/2021 - £13,890

Between 1/7/2021 and 30/9/2021 - £24,540

1/10/2021 or later - £27,040

SDLT Geek
Posts:232
Joined:Sun Apr 30, 2017 5:45 pm

Re: Question on new residential purchase for a BTL owner who is currently renting

Postby SDLT Geek » Tue Apr 27, 2021 10:28 pm

Yes, I expect the extra 3% SDLT to be due.

But you do not say how long you have been renting. The answer might well be different if you have sold (or otherwise disposed of) another property which you lived in as your only or main residence at some point in the last three years.


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