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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 16417
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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A quick tax question, i currently have a investment property

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Hi, a quick tax question, i currently have a investment property in the uk, i'm about to purchase a main residence property whilst keeping my investment property.. what rate of stamp duty am i liable for?
JA: Have you talked to a tax professional about this?
Customer: No
JA: Anything else you want the Accountant to know before I connect you?
Customer: no thanks

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.

Do you own the property that you live in now? If so, are you selling it?

Customer: replied 2 months ago.
No, i rent in the property i live in, the other one I own is an investment property that is rented out..

Thanks.

What is the purchase price of the new main residence?

Customer: replied 2 months ago.
227500 GBP,

Thanks.

Leave this with me while I draft my answer.

Use the calculator here to work out your stamp duty. I've calculated it at £8,875 for a £227,500 additional property.

As you are not replacing your previous main home, you are liable to the 3% surcharge unfortunately. Take a look here for more information on that.

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

Customer: replied 2 months ago.
Ok, thanks
Customer: replied 2 months ago.
I do have another question...

OK. Is it on the same topic?

Customer: replied 2 months ago.
I currently own property in Australia, in australia it's still classed as my main residence.. and when i sell it.. Australian tax law indicates i do not need to pay capital gains tax... would that mean no capital gains tax needs to be paid in the UK.. just for clarification.. I'm a UK citizen and tax payer in the UK, thanks

No, the fact that you won't have to pay CGT in Australia does not necessarily mean you won't have a CGT liability in the UK. You may or may not have to pay CGT. Take a look at HS283 for information on the main residence and CGT.

TonyTax and 2 other Tax Specialists are ready to help you

Thanks.