Confusion about Stamp Duty

Confusion about Stamp Duty

16:12 PM, 12th October 2017, About 7 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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Comments

Chris Clare

15:14 PM, 26th October 2017, About 7 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.

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