We sold our house and rented a property last year. Since then we’ve bought a house to refurbish and sell (although we’re still living in the rented property), and are now about to buy a home for ourselves. Will we have to pay the new increase in stamp duty?
Although your “main residence” currently is your rented property, the fact remains that when you do come to buy a home of your own you will have two properties, not one, and so the new rates of 3% on the first £125,000, 5% on the amount between £125,000 and £250,000 etc are likely to apply to the purchase. However assuming you sell the investment property within 36 months of the home purchase, you should be able to claim a refund from HMRC of the extra sums you have paid in stamp duty.