How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask taxadvisor.uk Your Own Question
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 8033
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

I am buying a property as a BTL. I am being charged double

This answer was rated:

Hello. I am buying a property as a BTL. I am being charged double stamp duty as I have another property. Will I able to claim the extra stamp duty if I sell my other property within 3 years?

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

if you sell your main residence within 3 years of the date on which you complete your new purchase, you are entitled to make a claim for a refund. The refund would be the amount which you have paid above what you would have been charged, had the property not been an additional property.

For the refund to be valid, a claim will need to submitted to HMRC within 3 months of the completion date of the sale or within 1 year of the date on which the stamp duty was filed on the purchase – whichever comes later.

My aim is to give you a professional service. I hope this is helpful and answers your question.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 1 year ago.
Thanks for your response - you say main residence? What if it’s not my main residence but my only other property?
Customer: replied 1 year ago.
Basically I currently only have one property on a BTL - it was on the market but sale fell through so I don’t want to loose out on second property by buying as second property

Thank you for your reply.

Refund is only available if you are selling the property that was your main residence. More information on it here

https://www.gov.uk/government/publications/stamp-duty-land-tax-apply-for-a-repayment-of-the-higher-rates-for-additional-properties

I hope this is helpful and answers your question.

Customer: replied 1 year ago.
even if I have only one property after I sell, you are saying my stamp duty will be still charged at double?

Thank you for your reply.

HMRC rules state

You will be eligible for a stamp duty refund on your second home surcharge if you sell your main residence within three years of paying the additional 3%.

You may not like the answer, but as a professional, I have to give you the best advice possible based on the facts.

My aim is to give you a professional service. I hope this is helpful and answers your question.

taxadvisor.uk and other Tax Specialists are ready to help you

Hi there

Just checking to see if you need more clarification/information or have I answered your question.

If there are no more issues, I will appreciate if you would kindly rate my service by selecting the 5 stars at the top of the screen to ensure I get credited for it by Just Answer today.

Many thanks

Customer: replied 1 year ago.
Sure thanks