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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 14392
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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We have 1 residential flat and 3 buy to let flats. We want

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Hi,We have 1 residential flat and 3 buy to let flats. We want to but a new residential flat and convert our current residential flat into a buy to let. How much would the stamp duty be

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Thanks for your patience

You will pay the stamp duty rate plus the additional 3%

If you sell the current residential flat that you plan to convert to a buy to let within 3 years of the new purchas then you can claim a refund of the 3%

Thanks

Sam

Customer: replied 6 months ago.
Thank you so on 1 mill flat I’d pay 13% but can only claim back the 3% if we sold the BTL we converted from primary residential?

Hi

If the new purchase if 1 Mill then yes - 13% and yes if you sold the main residence in due course you could claim the £% rate back (if sold within 3 years)

Thanks

Sam

Customer: replied 6 months ago.
Thanks, ***** ***** question, we’re stuck at 13% even though we only have bought 1 new primary residential and all the rest are BTL?

HI

Yes as already advised, as you are not replacing your main residence - as you plan to hang onto what currently is the main residence, so unless yous ell that one within 3 years will you get a refund - but in the meantime you will pay 13% on the new purchase -

Thanks

Sam

Customer: replied 6 months ago.
But we are replacing our main residence aren’t we? We’re buying a new house and moving in to it on a residential mortgage and converting our previous residential home to BTL and renting it out

HI

No as you are not selling the current main residence- so its not being replaced

Thanks

Sam

Sam and other Tax Specialists are ready to help you

HI

No as you are not selling the current main residence- so its not being replaced- but if you were to sell it within 3 years of the new purchase this is why you could then get a refund of the 3%

Thanks

Sam