ingermany Posted May 29, 2018 Share Posted May 29, 2018 https://www.theguardian.com/money/2018/may/29/im-buying-a-second-home-how-much-stamp-duty-will-i-pay Unbelieveable that this buyer didn't realise he owed an additional £12,000 stamp duty until he opened the completion statement from the solicitor. The article details his byzantine but futile efforts at avoidance of the tax..... a "cunning plan" worthy of Baldrick, that completely failed. Anyway, he bought a second house, whilst reclassifying his existing house as BTL and then designating the new house as his main res. So he's simply changing his main res? No....As the Guardian points out....you still own 2 houses mate, so suck up the 3% surcharge. You need to sell that BTL that was your main res. But it's too late now. Well I guess he has 3 years to sell and reclaim the 12k he just paid in tax...... As Del would say....what a plonker. Quote Link to comment Share on other sites More sharing options...
mrtickle Posted May 29, 2018 Share Posted May 29, 2018 Wonderful. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted May 30, 2018 Share Posted May 30, 2018 (edited) Think he gets three years to sell previous home and will get refunded the extra stamp duty. So get that BTL up for sale. Edited May 30, 2018 by crashmonitor Quote Link to comment Share on other sites More sharing options...
Cosmic Apple Posted May 30, 2018 Share Posted May 30, 2018 His solicitor, desperate for work and knowing that this plonker couldn't stump up the 12k extra, just went along with it until the last minute to get their billing hours, knowing that ultimately it was the 'savvy investor' and HMRCs issue not theirs. Are they open for a malpractice case? Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.