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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15610
Experience:  International tax
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I own a property in the Republic of Ireland. I have been renting

Customer Question

I own a property in the Republic of Ireland. I have been renting in the UK for 5 years but am about to purchase a property in London. Am I liable for Stamp Duty at the higher rate on my purchase? Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloBecause you are purchasing another home you will have the "new" stamp duty tax to pay on the UK purchase.The new surcharge took effect from 1 April, 2016.If the home you are buying directly replaces your main residence, you will not be liable for the 3% surcharge, even if you own an additional home/s at the same time. Moving out of rented accommodation does NOT count.