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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I recently sold a property that had originally been

Customer Question

I recently sold a property that had originally been purchased as a residential property. I have lived in it for a period of time, but then et it via a permission to let from the mortgage company. It was let out at the point of sale although i had stayed there for a period of 6 months during the year in which the sale was made. At the point of the sale and also currently i live in rented accommodation. I also currently own a buy to let and I am also in the process of buying a residential property (which will be my main residence) from the sale proceeds of the first mentioned property. Does this classify as me replacing my main residence and as such I am not liable for additional stamp duty when I purchase my main residence.
Submitted: 11 months ago.
Category: Tax
Expert:  TonyTax replied 11 months ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 11 months ago.

If you look at Box 1.29 here, you will see that where you sold what was a previous main residence within the 36 months before the purchase of a new man residence, you don't have to pay the 3% stamp duty surcharge. You don't need to have been living in the previous main home at the point of sale but it must have been your previous main home at some point during the 36 months leading up to the purchase of a new main residence. See the eleventh paragraph in section 2.8 here for the definition of a previous main residence, substituting 36 months for 18 months. The key words are "at some point".

I hope this helps but let me know if you have any further questions.

Expert:  TonyTax replied 11 months ago.

Hi.

I'm just following up to find out if my answer helped or if you have any further questions.