Confusion about Stamp Duty
4:12 PM, 12th October 2017, 9 years ago
11
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We are in the process of downsizing, selling our principle residence and buying a smaller one . We will have to sell before we buy so there is no question of us owning two houses at the same time .
We also have one small rental property- a flat .
I have been told
1) we will be liable for the extra 3% stamp duty on the new principle residence
2) we will NOT be liable for the extra 3% stamp duty on the new principle residence .
Which is it ?
Many thanks
Gay
Editors Note:
Please see flow chart below
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Luxury Retirement Home Investment in Cornwall
Member Since November 2013 - Comments: 129
3:14 PM, 26th October 2017, About 8 years ago
You are right that if you own a B2L and no main residence you will have to pay the extra. However if you have sold a main residence within 3 years of the purchase of the new main residence you do qualify for a rebate.
All of this is explained and demonstrated with the calculator above.