Property News · March 24, 2016

Will I pay higher stamp duty if I buy a second home to renovate and sell on?


If I am hit with the new rate, I am wondering if I could claim it back on selling the propertyQ This new higher stamp duty seems awfully complicated. If I buy a second home, renovate it and sell it on within 18 months am I going to be hit with the higher rate? If so, can I claim it back upon its sale? MDA Bad news, I’m afraid. Following a consultation on the new higher rates of stamp duty for additional residential properties, the government has decided that there is “no compelling case for treating property renovators differently”. Property renovators buying additional property to do up will be treated the same as anybody else buying an additional property and so will have to pay the higher rate of stamp duty, which is three percentage points more than the standard rate. Continue reading…

Source : theguardian.com
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