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Posted Wed, 20 Nov 2024 12:24:06 GMT by Daveatkins1978 Atkins
Hi, Please could you advise on following and if this is correct to reclaim SDLT. main residence owned since 2010 value £1m new property bought October 2024 for £816,000 this property will be demolished and a replacement dwelling built, but planning may take 12 months to achieve, in the mean time property number 3 £408,000 will complete in Nov 2024, this will be refurbished and moved into as main residence in April 2025 then the previous main residence £1m property will be sold. we will live in the £408,000 property for 1 year and when the new house is built move in for the long term as our main residence. as soon as the £1m property is sold SDLT of 5% (due to the budget increase) will be reclaimed on the £408,000 property, the £408,000 property will be sold within 2 years, then we will reclaim the 3% additional stamp duty paid on the £816,000 house which is now our long term main residence. Does that all make sense and will this work in reclaiming the extra SDLT paid on the 2 properties, i need to ensure that the £1m property and the £408,000 property are both sold within 3 years of the purchase of the £816,000 property
Posted Thu, 21 Nov 2024 10:06:39 GMT by HMRC Admin 34 Response
Hi,
Please contact the Stamp Duty Land Tax team for advice.
Stamp Duty Land Tax enquiries
Thank you
Posted Thu, 21 Nov 2024 12:10:41 GMT by Daveatkins1978 Atkins
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