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Where Taxpayers and Advisers Meet

Additional Stamp based on Mortgage Finance used

HM.C&R
Posts:3
Joined:Wed Aug 06, 2008 3:15 pm
Additional Stamp based on Mortgage Finance used

Postby HM.C&R » Sat Jul 10, 2021 2:01 pm

I sold my main residence earlier in the year and hold no main residences of my own or jointly or rented Uk/O/seas.

Looking at a new long term main residence place with maybe Airbnb/ holiday let option for when i am away for seasonal periods and so would get a FHL mortgage on it to be compliant.

Will the type of mortgage used ( regardless of 2nd property matters) therefore indicate it is available for let and so Additional Higher Rate stamp applies .
I am cognisant that the FHL mortgages allow 90 days owner occupation, imagining this is to be compliant with the wider FHL income tax rules.

Who actually executes the stamp classification, is it the conveyancer who is cognisant of the type of finance used ?

thanks

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Additional Stamp based on Mortgage Finance used

Postby AGoodman » Mon Jul 12, 2021 11:02 am

Just to be clear, you've said you don't have any main residences. Do you have any property? (as presumably that is your concern)

HM.C&R
Posts:3
Joined:Wed Aug 06, 2008 3:15 pm

Re: Additional Stamp based on Mortgage Finance used

Postby HM.C&R » Mon Jul 12, 2021 11:29 am

That is correct no property owned.

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

Re: Additional Stamp based on Mortgage Finance used

Postby bd6759 » Wed Jul 14, 2021 10:52 pm

If you will only own one dwelling at the end of the day, you are not liable to the additional rate. It doesn’t matter what it is used for. You need to own more than one before we need to consider the additional rate.


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