Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello, I am one ofthe experts on Just Answer and pleased to be able to help you with your question.
The sale of a duplicate home within three years will enable the surcharge to be recovered.
Be vary careful with mortgages. In this highly complex area changes to mortgage deeds can attract another tranche of stamp duty, or rather its local equivalent.
Technically, in English land law, the exchange constitutes the sale. However, the only stamp duty, or local equivalent, refundable is the 3% surcharge.
When the second residence was acquired you would have had to pay the 3% surcharge. Once disposed of within three years this surcharge is refunded.
3% of the total value of the property.