Do I Pay The Increased Stamp Duty On A Residential Property If I Own Buy To Let Properties?

[@new2property]

Pick up a FREE copy of my book: How To Buy 2 Let - www.howtobuy2let.co.uk Why not check out the new2property online course www.new2property.thinkific.com For more information on what I offer, visit the new2property website www.new2property.co.uk Thanks for watching.

[@markholder4819]

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[@Swiftie_ATW13]

When you put it like that it makes much more sense. Thank you.

[@new2property]

Thank you for your comment and continued support by watching Craig.

[@MasonDaggar]

Good video mate very good with your wording made it very clear👍🏻 as this video was 3 years ago do you know if anything has changed in that time?

[@new2property]

Thanks for watching and for dropping a comment. Nothing has changed to my knowledge.

[@Afrowijjy]

Most clear interpretation thanks!

[@rebeccahamilton7299]

As this was posted some time ago, how did you get on with assessing the stamp duty for your first residential property? In a similar position and about to complete so be interested to know the outcome in your case!

[@new2property]

Hi Rebecca, Thanks very much for watching and for your comment. I purchased the residential property during lockdown and didn`t pay any stamp duty (I also took advantage of the stamp duty holiday), so far so good and I guess only time will tell. Good luck with your purchase.

[@lilyunknownYT]

Hey Rebecca, what was the outcome of yours if you purchased outside of the no stamp duty from lockdown?

[@nicoletodd3377]

Hi Dan, thanks for the video. I called HMRC as I was gifted a flat by my father which I never lived in or no mortage on this. However when I bought my first home in June 2021, I was advised by my solicitor that due to owning two properties I would have to pay the higher rather SDLT as I was not able to “replace my main residence”. HMRC did not confirm nor deny that this was correct but I’m wondering if I would be eligible for a refund as you say it’s states about main residence. However when you put it into the calculator,because it used the terms residential, and I assume even buy to let’s are technically classed as residential as someone lives there- then it seems as though the higher rate applies. Any suggestions on how you combat this?

[@nabazhamad5988]

Hi Dan. Hope you are well. Dan, I have a question my first residential property I will put BTL Mortgage on it and get another property to live in. Do I have to pay stamp duty please for second residentia. Many thanks Nabaz

[@SOMIEONE21]

I'm struggling with this atm. Buying my own house but have a buy to let and are saying I have to pay the higher rate!!

[@new2property]

Hi James, I also had to speak to my solicitor and explain that I wasn't paying following a chat with HMRC.

[@mokkwokkit1013]

I have few buy to let properties in Overseas but have no residential property for my own use. I purchased a house in the Uk and paid the 3% higher rates. After watching your video it seems like i didn’t have to pay the surcharge . Could I ask for the refund from HMRC? Thanks

[@new2property]

Hi MOK KWOK KIT, Thanks very much for watching and for your comment. You could ask, however, I`m not confident they`ll refund you.

[@ozksean682]

I sold my main residence and bought another place to replace it. As I was “moving home”, I didn’t pay the additional stamp duty. However, I also bought a secondary property with the aim of renting it out at the same time. I completed both properties on the very same day. However, I am not living in the property I paid lower stamp duty for. My main residence happened to be the one I paid higher stamp duty for. What’s going to happen now? I dont want to face issues if I change my main residence again from a capital gains tax and stamp duty (moving home point) of view. Any advice is appreciated, thanks.

[@kschumacher4968]

Brilliant video thanks so much

[@new2property]

H i K Schumacher, You are more than welcome, thanks very much for watching and for taking the time to comment.

[@johnnyfeeley3769]

Hi, I own a residential property for the last 6-7 years. It is based in an excellent city location so the rental potential is excellent. We have recently had a child and now need to move to a bigger property with more space but I am reluctant to sell my first property. How can I buy the new property (will be residential property) and keep my initial property as an investment property. Are there any loop holes for avoiding stamp duty/or any other advise for this?

[@new2property]

Hi Johnny Feeley, Thanks very much for watching and for your comment, unfortunately as you have already purchased and registered a residential property if you do choose to keep it and buy "another" property you will have no choice but to pay the additional stamp duty. Sorry to be the bearer of not great news. The only way to avoid the stamp duty is to sell your current home and replace it for another home. I hope this helps.

[@johnnyfeeley3769]

@@new2property is another option to sign this one over to the wife and buy it in my own name? Any other pieces of advise / loopholes to help me with the process?

[@new2property]

@johnny feeley unfortunately as a couple you are seen as one so you wouldn't avoid paying the stamp duty if the property was in her name. If you keep your residential there are no loopholes to avoid paying stamp duty on an additional property, sorry.

[@jackiepaxton2510]

Hi Dan, thanks for the video, based on your video I've recently made a declaration to my conveyancer to pay the standard rate. They've come back to myself and my partner and said as they are acting as an agent of HMRC their professional opinion is that I need to pay the higher rate. I own a buy to let flat and myself and my partner are moving from rented accommodation. Any advice would be greatly appreciated...

[@new2property]

Hi Jackie, Thanks very much for watching and for your comment, I`m not able to give advice, however, you heard what the HMRC representative said, maybe try giving them a call and asking them what I did. If your conveyancer won`t allow it you`ll have no choice but to work with someone else or pay. I hope this helps, Thanks again for watching.

[@lilyunknownYT]

Hey, if you don’t mind me asking what rate did you end up paying? I’m currently going through the process of buying my BTL first… but hearing that I may need to pay the additional rate in the future has really put me off

[@tessiocapone586]

@@lilyunknownYThi, did you go through the process? Was it a higher rate in the end?

[@footballcoachandreferee]

Another good video, Dan. It is intriguing how someone (like yourself), has 14-15 mortgages for BTLs, yet doesn't have one (yet) for their own living residence! Would I be guessing right that you didn't have the capital to start with in not buying your own place? Otherwise, I cannot see the reasoning behind renting and putting money into someone else's pocket, as opposed to putting money into an asset.

[@new2property]

Hey Steve, I hope you are well, Great question, I was based abroad from 19 years of age until only 5 years ago and my job came with accommodation hence why no residential. However, I did take full advantage of the first lockdown and secured a great property at an excellent price so I do now have a residential and I`m partway through renovating it. Watch out for the video around March time :-) Thanks for watching,

[@iandavies9347]

Hi....im sure you did a video on claiming stamp duty back on refurbished property but i cant find it...can you help..?

[@clarkfamilyfun7056]

Did this work? I realised this video was a while ago

[@new2property]

Sure did, no come back yet.

[@1414141x]

It is ridiculous that you have to struggle to get this kind of information from HMRC. I would record any discussion I have with HMRC over the phone.

[@new2property]

My thoughts exactly, even when you are simply trying to do the right thing you can`t get a straight answer

[@1414141x]

So you have to be your own tax accountant ?

[@new2property]

That`s the impression they give yes.

[@pauledobrinoiu1832]

The idea of the video is good but the fact that you misinform in the video not so good. Do not include anyone who will both: use your new property as their main home have sold or given away the last main home they owned before you buy your new home (or on the same day) “Both” is the ward that makes the difference (both must happen not only one)

[@new2property]

Hi Paul Thanks for watching and for dropping a comment.

[@ashwincbhindi7542]

Property ?

[@new2property]

Hi thanks for watching.

[@kaiseraslam5540]

Hi. Do you have a email address I could contact you on for some advice please? Thanks

[@new2property]

Hi Kaiser, If you head over to my website www.new2property.co.uk you`ll be able to get in touch with me from there. I`ll very much look forward to hearing from you.