{"id":963,"date":"2016-01-07T14:00:02","date_gmt":"2016-01-07T07:00:02","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/does-the-3-stamp-duty-for-second-properties-apply-in-scotland\/"},"modified":"2016-01-07T14:02:46","modified_gmt":"2016-01-07T07:02:46","slug":"does-the-3-stamp-duty-for-second-properties-apply-in-scotland","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/does-the-3-stamp-duty-for-second-properties-apply-in-scotland\/","title":{"rendered":"Does the 3% stamp duty for second properties apply in Scotland?"},"content":{"rendered":"


\nWe might rent out our flat and buy a house, but are unsure if the stamp duty rules apply to our new house even though we\u2019d be living in it Q I live with my wife in a flat in central Glasgow and we\u2019re looking to move somewhere quieter with more space. The market conditions for our flat appear to be more favourable for renting than buying \u2013 some flats take ages to sell, but are very popular with renters. Perhaps because it\u2019s in an area popular with students and young professionals. We\u2019re therefore considering letting out the flat and buying a new house. The flat is worth somewhere between \u00a3170,000 and \u00a3180,000 and I have a mortgage with around \u00a3100,000 of outstanding debt. Other flats in our block are let for about \u00a3850 per month. Both the existing and new properties are in Scotland \u2013 does the proposed 3% stamp duty land tax for second properties apply in Scotland? If so, and we kept our flat, would this apply to our new house even though we\u2019d be living in it? We would need to get a buy-to-let mortgage on the flat \u2013 the existing mortgage is in my name only. Could this be taken out by my wife and the rental income paid to her? If yes, would this make sense given that she earns less than me (we both earn below the higher-rate tax bracket)? I have some separate savings for a deposit for the new house, but are there any options for using some of the equity in the existing flat towards a deposit for the new house? LS A The new higher rates of stamp duty land tax (SDLT) do not apply in Scotland because SDLT has been abolished there. However, the Scottish government replaced SDLT with land and buildings transaction tax (LBTT). This is remarkably similar to SDLT and will introduce a 3% supplement on the tax paid on the purchase of additional residential properties on or after 1 April 2016. Continue reading…
\n
\nSource : theguardian.com
\nRead more…Does the 3% stamp duty for second properties apply in Scotland?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

We might rent out our flat and buy a house, but are unsure if the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-963","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-fx","jetpack-related-posts":[{"id":10764,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/stamp-duty-u-turn-brings-tax-relief-for-granny-flat-buyers\/","url_meta":{"origin":963,"position":0},"title":"Stamp duty U-turn brings tax relief for \u2018granny flat\u2019 buyers","date":"April 16, 2016","format":false,"excerpt":"\r Changes to new rules for second homes follow outcry over plan to consider granny flats as second homesThe government has announced changes to the rules around the new stamp duty charge on second homes, after it emerged that people buying homes with granny flats would face higher tax bills.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":132636,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/do-we-pay-higher-stamp-duty-on-buying-a-uk-home-if-we-keep-our-eu-flat\/","url_meta":{"origin":963,"position":1},"title":"Do we pay higher stamp duty on buying a UK home if we keep our EU flat?","date":"December 12, 2022","format":false,"excerpt":"\r My husband and I are in Budapest and we want to get a property in Britain for about \u00a3325,000Q My husband and I are looking to buy a property in the UK and our budget is about \u00a3325,000. I already own a flat in Budapest, which my parents bought\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51667,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cy-leung-seeks-to-plug-housing-loophole-with-stamp-duty-rise-for-multiple-flat-purchases\/","url_meta":{"origin":963,"position":2},"title":"CY Leung seeks to plug housing loophole with stamp duty rise for multiple flat purchases","date":"April 11, 2017","format":false,"excerpt":"\r First-time Hong Kong homebuyers purchasing multiple flats in one go will now have to pay a 15 per cent stamp duty as the \u00adgovernment finally seeks to plug a legal loophole open to exploitation by speculators. The loophole was first reported by the Post last November, days after the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52349,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/as-newlyweds-what-capital-gains-tax-will-we-pay-if-we-sell-one-of-our-flats\/","url_meta":{"origin":963,"position":3},"title":"As newlyweds, what capital gains tax will we pay if we sell one of our flats?","date":"April 20, 2017","format":false,"excerpt":"\r My husband and I are worried about how much time we have to sell before CGT and higher rate stamp duty kick inQ I recently got married and we each own a flat. I was told by a friend that if we wanted to avoid capital gains tax (CGT)\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32827,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/i-am-a-landlord-buying-a-new-home-will-i-pay-extra-stamp-duty\/","url_meta":{"origin":963,"position":4},"title":"I am a landlord buying a new home \u2013 will I pay extra stamp duty?","date":"November 3, 2016","format":false,"excerpt":"\r Two solicitors say I should pay an extra 3%, which amounts to \u00a37,690 more, because I own properties to let \u2013 are they right?Q I own two properties in Scotland that I have rented out for years. My wife and I bought a house in Cornwall in 2009 and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63632,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/im-buying-a-flat-as-im-separating-can-i-reclaim-the-higher-stamp-duty\/","url_meta":{"origin":963,"position":5},"title":"I'm buying a flat as I'm separating \u2013 can I reclaim the higher stamp duty?","date":"August 14, 2017","format":false,"excerpt":"\r I want to move out of the marital home and this flat would be the only property in my nameQ My husband owns the house we live in. Things are strained between us and I have decided to buy a flat so I can move out. My solicitor mentioned\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/963"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=963"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/963\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}