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bigduckontax
bigduckontax, Accountant
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Trying to work out if we will have to pay second property

Customer Question

Hi, trying to work out if we will have to pay second property stamp duty of 3% on UK property - wife and I non-resident UK citizens, wife moving to UK with kids for at least a couple of years. Do I go into further detail now?
Submitted: 5 months ago.
Category: Tax
Expert:  bigduckontax replied 5 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Here is the guidance from the Gov UK web site:

'From 1 April 2016 the rates for Stamp Duty Land Tax (SDLT) will be higher if you buy an additional residential property for £40,000 or more in England, Wales and Northern Ireland.

You’ll also pay the higher rate if you buy a residential property in England, Wales or Northern Ireland and you already own one outside these countries.'

Thus, if you already own a property overseas then the 3% surcharge will apply. The key word here is 'own,' If you merely rent then the surcharge would appear not to apply.

I am so sorry to have to rain on your parade.

Customer: replied 5 months ago.
Thanks for this but just to confirm don't we also get a refund if we sell a property that was a main residence in the last three years and as long as we sell it within three years of purchasing the new property?
Expert:  bigduckontax replied 5 months ago.

Here is a further extract from the guidance:

'If you buy a new main residence but the sale for your previous main residence is delayed you’ll pay the higher rates as you own 2 properties.

But you can get a refund for the amount above the normal SDLT rates if you sell your previous main residence within 3 years.'

So your surmise is essentially correct.

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