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giesahoose

Almost Forgot About Stamp Duty

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Just noticed a thread on mumsnet asking if they would be impacted by increased stamp duty after April as they are selling their house and 'only' have another flat they rent out.

Squeal piggies, I think this one will be a game changer and stop everyone from keeping on their old flats to rent out.

http://www.mumsnet.com/Talk/_chat/2561625-Does-anyone-know-anything-about-stamp-duty

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It's crazy that people will put more time and effort into researching the best mobile phone contract.

But they put on the dummy hat when purchasing property?

Perhaps its the people that you are forced to deal with... EA's, solicitors, banks... all spinning unintelligible crap at you, with big smiles on their faces as they put their money hand in your pocket, and p1ss in the other pocket.

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Someone there said that if you have more than one property but the one you are selling and the one that you are buying is your main residence then you don't pay increased stamp duty. Is that correct?

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Someone there said that if you have more than one property but the one you are selling and the one that you are buying is your main residence then you don't pay increased stamp duty. Is that correct?

The Torygraph FAQ on the subject, dated 29th December 2015, suggests that it is correct. http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/12072575/Buy-to-let-stamp-duty-will-you-have-to-pay.html

"I already own a rental property, will I pay the higher rates if I move from my primary residence?

Many own their own home, plus a buy-to-let or holiday home, and want to know whether they will face the higher charge if they sell their main home and upsize, or downsize, to a new property.

The Treasury consultation confirms they will not pay the higher charge as they will be purchasing a home, rather than a secondary property.

This effectively means that the change will not be applied retrospectively to people who already own more than one property.

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It seems to me that the government NEVER applies any tax change to existing people who get the benefit. Tax credits changes ... dropped, migrants working tax credits to be retained by existing recipients, same for foreign resident child tax recipients, two child tax changes for new people only and now BTL stamp duty tax for new landlords or additional BTL purchases only.

IT contractors lose relief on T&E from 6th April. Low hanging fruit.....and no tv or media luvvies to rally to their cause. ?

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