How can I save money on Stamp Duty

This article focuses on Higher Rates for Additional Residential Properties

New Stamp Duty Guidance

Clients often ask us the following:

How can I save on Stamp Duty?  Are there any legal Stamp Duty mitigation schemes ? How can I reduce or avoid Stamp Duty ?

This article focuses on Higher Rates for Additional Residential Properties.

When you buy an additional residential property, you will now pay 3% on top of the normal Stamp Duty Rates.

However, it is important to note that if you are replacing your main residence you will not have to pay the higher rate.  Also, remember that if you buy an additional residential property and sell your current residential property within 36 months you can claim back the additional Stamp Duty.

Clients often want to know the position if they own a property abroad. The guidance states that if the value of that property is over £40,000 then you will have to pay the higher rate of Stamp Duty if you are not replacing your main residence.

Married couples and civil partners are also classed as one unit so if one of you own a property which you are not selling and then you jointly or on your own wish to purchase another then you will again be liable for the higher rate.

This is a new and complex area of taxation so ensure you get specialist advice.

 

 

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