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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11425
Experience:  30 years as a practising solicitor.
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I am buying a plot of land later this year to build my

Resolved Question:

Hi - i am buying a plot of land later this year to build my house on (will be after After April). I already have an existing property which I will live in until the new one is complete and then sell it. Will I have to pay the "second home" new stamp duty amounts, even though ultimately it will be my only home and main res?
Submitted: 1 year ago.
Category: Law
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.

Yes please continue

Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Customer: replied 1 year ago.
Thank you, ***** ***** trying
Expert:  JGM replied 1 year ago.
Thank you for your question.
Thanks for your question and sorry for the delay in the question coming to me. The good news is that, although the rules have not yet been finalised, the government has indicated that the purchase of land will NOT be considered as the residential purchase of a second property even if the land is subsequently used for residential purposes.
See online paragraph 2.16 of the Consultation Document:
https://www.gov.uk/government/consultations/consultation-on-higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties/higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties
I hope that helps.
Please leave a positive response so that I am credited for my time.
Customer: replied 1 year ago.
thanks for your help so far, can you tell me what the definition of bare land is - the land i am buying comes wih planning permission. thanks so much
Expert:  JGM replied 1 year ago.
Land with no building on it.
Customer: replied 1 year ago.
thank you so much for you help - one last question, sorry your answers keep promiting other quwstions for me. If I was to purchase the land once the plot was serviced or if I purchased the plot once the ground works were done (golden brick) would both these options still count as bare land.
Expert:  JGM replied 1 year ago.
I think it would still be treated as non residential, yes, but we won't actually know for sure until the regulations are drafted. It would be logical though as a serviced plot even with ground works need not end up as residential. It could be sold on as such.
JGM, Solicitor
Category: Law
Satisfied Customers: 11425
Experience: 30 years as a practising solicitor.
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