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Stamp duty on second homes

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There is a supplementary 3% SDLT (stamp duty land tax) charge that is applied to all purchases of second residential properties which came into effect from 1st April 2016.

It should be noted that the charge will not apply if you are replacing your main home, although if there is a delay between buying a new home and selling the old one, you will have to pay the higher SDLT charge and then obtain a refund. You must have sold your previous main residence within 3 years of paying the higher SDLT rates to qualify for a refund.

HMRC must have your request for a refund within 3 months of the sale of your previous main residence or within 12 months of the filing date of the SDLT return, whichever’s later.

If an individual has a number of residences, the main residence will need to be identified.

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