selling investment property

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reb30

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hi, this may have been answered before but here goes. bought a apt in 2002 as an owner occupier, paid no stamp duty as it was new, it was not first purchase. Moved out a year and a bit later and bought another property to live in. have rented out apt for the last 4 years. Now in process of selling it and am wondering at what rate will I have to pay the stamp duty.
not sure how the system works, do I pay it on original price? ~Any comments, ideas much appreciated. thanks
 
You became liable to a stamp duty clawback once you rented the apartment out (2003?). And yes, you calculate it based on the original price.
Note also that you will be liable to capital gains tax when you sell it.
 
when I bought my second home and moved out of apartment I asked my solictor what I needed to do and he said nothing? I obviously informed my mortgage company and my trs was moved to property I was occupying and I have paid tax on the income I have earned since it has been rented. I know I have to pay capital gains tax on the profit from selling price to what I paid but what about the stamp duty? I will be in touch with solictor today and her what she thinks. a different solictor!?!?
 
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