SDLT and CGT potential faux pas?Make Text Bigger
Hi everyone, Thank you for adding me into this community. I really hope to be able to contribute going forward. First of all, I’d like some advice please. I bought a BTL property 5 years ago. I live in rented accommodation myself.
2 years ago, after the changes to the Stamp Duty rules, I bought a house for 55k ( it was very dilapidated ) wanting to move into it myself, after it being refurbished. During conveyancing, I quite truthfully stated that it was going to be my PPR, so my solicitor advised no stamp duty was to be paid. I recently read some articles though, and it has caused me to have doubts, that because I already owned a BTL, I should have indeed paid stamp duty?
As I’ve stated, the house was VERY dilapidated. I had some health problems that year, and the whole refurbishment just became too much for me. I never actually moved in and I decided to sell it a year later. I did make a small profit too.
Even if I was legitimately exempt from stamp duty, did I need to fill out some kind of form and do I need to fill out some kind of form for capital gains?
I have NO problem whatsoever substantiating my intention for it to be my PPR, should the need arise. Without going into personal details, the purchase/intention to use it as my PPR, was precipitated by my health problems. IE. I had no choice, but to move out of the rented accommodation I was in, and buy somewhere I could adapt for my life. I was late with my tax return that year, because of my illness, and HMRC were actually very understanding, and I avoided any penalties etc ( albeit, I did pay the tax itself in time )
Also, going forward. I really hope to buy a house as my PPR this year, or next. Same question again. Will I have to pay Stamp Duty? I still own just that one BTL.
Thank you so much in advance you good property peeps!
Above Stamp Duty flow chart is accurate, but 18 month for a refund is now up to 3 years.
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