How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask bigduckontax Your Own Question

bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3364
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I have lived in the US last 6 years but am moving back to

Resolved Question:

I have lived in the US for the last 6 years but am moving back to the UK in July 2017.
I am currently in the process of buying a house with cash and it is likely to go though in August 2016. I intend to live in this house.
I already own two homes in the UK which I rent out. I plan to sell these houses as soon as I move back, so likely to be sold in 2017.
House A - I lived in for 5 years then rented for last 7 years
House B – I never lived in but rented for last 6 years
As neither of these houses can be called my primary residence I would like to know if I am liable for the increased stamp duty on this additional property, and if there is a way around this?
Submitted: 8 months ago.
Category: Tax
Expert:  bigduckontax replied 8 months ago.

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

Firstly, did you advise HMRC of your return to these shores? Indeed, when you originally left did you file a Form P85? In either case if you did not you should be so and HMRC will classify you as resident or non resident as appropriate although you don't need to bother about telling that Department of your return as you are not coming back until next year. In the case of your 2017 return on information HMRC will classify you as resident for the tax year following your return and furthermore split the 17/18 tax year into two portions one non resident, the other resident.

It is likely that when you buy your new primary residence you will be liable to the additional 3% Stamp Duty Land Tax (SDLT). However, if you have disposed of your secondary properties within three years of the purchase of your new one you can obtain a refund of the higher rate of SDLT. The procedure can be found here:

https://www.gov.uk/government/publications/stamp-duty-land-tax-apply-for-a-repayment-of-the-higher-rates-for-additional-properties

I do hope that you have found my reply of assistance.

Customer: replied 8 months ago.
Hi Keith, thank you for your quick response. Yes I did fill out a P85 form when I left the UK 6 years ago.
Regarding applying for a repayment of the higher rates for additional properties, the form says:
You are requesting a refund because:
• you have paid the higher rates on the purchase of an additional residential property, and
• you have sold your previous main residence within 3 years of that purchase.Am I applicable as neither my existing homes are my main residence? Would living in one of the houses before I sell it count?Thanks,
Andrew
Expert:  bigduckontax replied 8 months ago.

As i understand it Andrew the form is a generic one and covers all eventualities. In any event you may not be charged the extra 3% SDLT anyway.

It is possible that you might get a rebate this way, but you definitely would were both disposed of both. You have three years in any event.

Please be so kind as to rate me before you leave the Just Answer site.

bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3364
Experience: FCCA FCMA CGMA ACIS
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 8 months ago.

Thank you for your support.

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.