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propertylawyer
propertylawyer, Solicitor
Category: Law
Satisfied Customers: 285
Experience:  Property Solicitor with expertise in commercial and residential property transactions.
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I Own property in London, lease out term, I am thinking of

Resolved Question:

Hi, I Own property in London, lease out long term, I am thinking of buying more property to let out for holiday let in south of England price app 350000 pound I live Australia.British passport holder.What advise could you give any advise etc regards
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
can you give tax advise for purchasing etc also for uk only
Expert:  propertylawyer replied 1 year ago.

Regarding tax you will pay stamp duty land tax on purchase. It is calculated by reference to the price.

Because you already own a property in the UK the purchase will be subject to the 3% surcharge (this applies to all subsequent property purchase as of April this year). On £350k the Sdlt, inclusive of 3% surcharge, is £18k.

Do you have any questions or queries in respect of my answer? I am happy to assist further.

Please can I ask you to kindly accept /positive rate my reply otherwise the website will not pay me for assisting you today. Many thanks.

Customer: replied 1 year ago.
Sorry for late reply,I was expecting a little more information regarding tax, if I sold at later date what I would be upfor etc. I read in papers information you gave me.regards
Expert:  propertylawyer replied 1 year ago.

I have advised on the tax you pay on purchase, Sdlt.

On disposal you would potentially pay capital gains tax. In general, you take sale value less acquisition value and any allowable deductions (I.e professional fees, repair/maintenance expenses). Depending on circumstances, reliefs could be available to further reduce any tax liability. If there is still any profit it will be subject to cgt.

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