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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15950
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I own 3 properties, all rented, one of which was my main residence

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I own 3 properties, all rented, one of which was my main residence until 2 years ago. In April 2014 I moved in to my mother's property to look after her. She died in October 2015 and I have inherited a one-third share in her property, where I still live. My sisters and I are now selling this house and I am purchasing another property for me to live in. My solicitor tells me I must pay the new rate of Stamp Duty on this purchase, but why is this so as I am actually selling my main residence of two years?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. If you look at Example 10 and read section 2.8 here, its clear that as you are selling your main residence, albeit that you don't own it solely, and you are buying a new main residence, you should not have to pay the stamp duty increase. Even if your new home purchase completed before the property you own with your sisters is sold, you can have the extra stamp duty refunded so long as the previous main home is sold within 18 months. I hope this helps but let me know if you have any further questions.
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