I have a quick question - it was already dealt with in another thread but I'm still not 100% sure. If anyone could clarify I'd really appreciate it.
I bought an apartment in 2005 (June). FTB= no stamp duty paid. I lived in it until I rented it out in 2010 (March)- not 5 full years.
Pre 2007 you had to live in it for 5 years as your PPP or be liable for the Stamp Duty. This was changed then to 2 years.
I want to know if the below means that I am not liable to pay stamp duty.
“Prior to 5 December 2007, the period where no rent could be obtained was five years. Under the Finance Act 2008, this period has been reduced from 5 years to 2 years for deeds executed on or after the 5 December 2007.
For instruments executed before 5 December 2007, to the extent that a dwelling house or apartment is rented out on or after 5 December 2007, it will not involve a clawback of the relief where this occurs in the third, fourth or fifth year of ownership”
I bought an apartment in 2005 (June). FTB= no stamp duty paid. I lived in it until I rented it out in 2010 (March)- not 5 full years.
Pre 2007 you had to live in it for 5 years as your PPP or be liable for the Stamp Duty. This was changed then to 2 years.
I want to know if the below means that I am not liable to pay stamp duty.
“Prior to 5 December 2007, the period where no rent could be obtained was five years. Under the Finance Act 2008, this period has been reduced from 5 years to 2 years for deeds executed on or after the 5 December 2007.
For instruments executed before 5 December 2007, to the extent that a dwelling house or apartment is rented out on or after 5 December 2007, it will not involve a clawback of the relief where this occurs in the third, fourth or fifth year of ownership”