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Remus2004, Barrister
Category: Property Law
Satisfied Customers: 2456
Experience:  Over 5 years in practice.
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I am in the process of purchasing a bunglow which I am going

Customer Question

I am in the process of purchasing a bunglow which I am going to renovate for resale the exchange may be after April . Will I have to pay the new stamp duty on second homes . I will not be occupying it and already own my own home
Submitted: 2 years ago.
Category: Property Law
Expert:  wingrovebuyer replied 2 years ago.
Hello. I am sorry to say in these circumstances you will have to pay the extra 3% SDLT. You can deduct this as a cost of purchase when it comes to calculating your CGT / income tax liability once you agree a sale. Sorry it's not better news. Best, WB