M
mehaul
Guest
Hi All,
<Long time lurker, first time poster>
I went sale agreed on a property in Jan 07 and paid over 30k in Stamp duty (6% discounted) as a first time buyer. I'm the only registered owner on the property.
My father is named on the mortgage but doesn't contribute (simply to get the loan from the bank).
I currently have two rooms rented out under the rent-a-room scheme (below the taxable limit, so not liable for claw back).
Situation: I have heard of other first time buyers purchasing investment properties and having to pay full whack on the stamp duty. They were then able to buy their "first" house, i.e. PPR at the reduced ftb stamp duty rate (which would be zero these days).
Question: If I were to let my property out above the rent-a-room allowance threshold and so expose myself to a stamp duty clawback (whether by staying where I am and increasing the rent, or by moving back to parent's house and letting the property in its entirety), would I, in essence be doing as above and making myself eligible for the first time buyer's stamp duty discount i.e. zero (assuming the next property I buy becomes my ppr for the following 2 years and I only let out spare rooms under the rent-a-room thresholds)?
To say I'm sore having missed the stamp duty free eligibility, costing me over 30k is an understatement!
Cheers
MeHaul
<Long time lurker, first time poster>
I went sale agreed on a property in Jan 07 and paid over 30k in Stamp duty (6% discounted) as a first time buyer. I'm the only registered owner on the property.
My father is named on the mortgage but doesn't contribute (simply to get the loan from the bank).
I currently have two rooms rented out under the rent-a-room scheme (below the taxable limit, so not liable for claw back).
Situation: I have heard of other first time buyers purchasing investment properties and having to pay full whack on the stamp duty. They were then able to buy their "first" house, i.e. PPR at the reduced ftb stamp duty rate (which would be zero these days).
Question: If I were to let my property out above the rent-a-room allowance threshold and so expose myself to a stamp duty clawback (whether by staying where I am and increasing the rent, or by moving back to parent's house and letting the property in its entirety), would I, in essence be doing as above and making myself eligible for the first time buyer's stamp duty discount i.e. zero (assuming the next property I buy becomes my ppr for the following 2 years and I only let out spare rooms under the rent-a-room thresholds)?
To say I'm sore having missed the stamp duty free eligibility, costing me over 30k is an understatement!
Cheers
MeHaul