Stamp Duty Surcharge for Second Homes
Did you know, that when you purchase a second property you are liable to pay a Stamp Duty Land Tax surcharge? Second properties attract an additional 3%, and the starting threshold for these purchases is £40,000. This second property surcharge will apply when you purchase a second property and you have not disposed of your current main residence. Your main residence is the property in which you currently reside and spend your time.
In the case of married couples/civil partners, in the eyes of HMRC, you are seen as one unit. This means that if one of you already owns a property, any further purchase by either of you will be seen as an additional property for both individuals.
However, married couples living separately under circumstances that are likely to be permanent will be treated individually.
TMJ Legal Services
TMJ Legal Services has been helping individuals and businesses since 1986. We offer a range of advice and services.