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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17610
Experience:  International tax
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I own 2 properties. I live in property a and rent property

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Hi I own 2 properties. I live in property a and rent property b. I would like to sell property b to generate the money for a deposit on a larger place, which I would buy as my home. I would like to keep property a and rent this. Would I be required to pay second home stamp duty if I was to implement this plan? Many thanks
HelloFrom 1 April 2016, you’ll usually have to pay 3% on top of the normal SDLTrates if buying a new residential property means you’ll own more than one.You wouldn’t pay the extra 3% SDLT if the property you’re buying was replacing your main residence and that has already been sold. If you were selling property "a" instead then no additional tax.
Customer: replied 1 year ago.
Thanks for your response. If I was to rent property a for a time and live elsewhere before selling property b and buying a new place, would this make a difference? Both properties were bought for investment and I'm living in property a as a stopgap.
If you lived elsewhere that would not assist you either unfortunately.
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