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Where Taxpayers and Advisers Meet

have I pay?

Fernando
Posts:3
Joined:Sat Apr 29, 2023 2:29 am
have I pay?

Postby Fernando » Sat Apr 29, 2023 4:48 am

I bought a flat in July 2022 at a cost of 122,000. Now I want to buy a house at a cost of 195,000 to go and live there. I rent the flat. do I have to pay the Stamp Duty? how much will i have to pay?

bd6759
Posts:4239
Joined:Sat Feb 01, 2014 3:26 pm

Re: have I pay?

Postby bd6759 » Sat Apr 29, 2023 1:37 pm

Are you selling the house where you currently live?

Fernando
Posts:3
Joined:Sat Apr 29, 2023 2:29 am

Re: have I pay?

Postby Fernando » Sat Apr 29, 2023 9:11 pm

we will rent

bd6759
Posts:4239
Joined:Sat Feb 01, 2014 3:26 pm

Re: have I pay?

Postby bd6759 » Sat Apr 29, 2023 9:47 pm

SDLT = £5850. (3%).

Fernando
Posts:3
Joined:Sat Apr 29, 2023 2:29 am

Re: have I pay?

Postby Fernando » Sun Apr 30, 2023 12:44 am

but the house I'm buying will become my residence and I will rent the flat. I should pay the stamp duty on the house I will rent.

bd6759
Posts:4239
Joined:Sat Feb 01, 2014 3:26 pm

Re: have I pay?

Postby bd6759 » Sun Apr 30, 2023 12:49 am

You pay stamp duty on a purchase. When you buy this house you will own more than one house, therefore you are liable to pay the additional 3% rate. It does not matter if it will be your residence.

The only exception is where you are replacing your residence: that means selling your current residence and acquiring a new residence.


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