stamp duty Calculation

[bamboozle]

Hi, important stamp duty question,

my partner and I have recently agreed to purchase a house, we both currently own propertys (i co-own with a sibling, she owns on her own, both purchased over 4 years ago)
However as we plan to live in the house we just purchased (and rent the other 2) can the new house be treated as a PPR from a stamp duty & MIR perspective and the 2 other houses be changed to Investment propertys?

I know there was some ammendment in the last budget regarding stamp duty claw-backs on renting out your PPR within 3 years of purchase, which we'd hope to avoid as we would also hope to avoid paying stamp duty on the Investor rate.

My solicitor is on holidays so cant get info off him!!!

thanks!

 

[mf1]

If the new house is a new house & under 125sq.m ( as opposed to a second hand house ) there will be no stamp duty if you are owner occupiers. If its not new, then you're not FTB's and you will pay stamp duty.

mf

 

[LDFerguson]

You don't decide which house is treated as your PPR and which is an investment property. If you are living in the new house, it's your PPR. If you rent out the others, they are investment properties.

MF1 has dealt with the Stamp Duty question. You will each qualify for FTB rates of TRS for the balance of seven years from when you first purchased your respective first properties.

The last Budget changed the Stamp Duty clawback period from five to two years. As you've owned your current properties for over two years, no clawback will occur if you rent them now.