Stamp Duty Calculator Second Home Refund

In this case total liability for stamp duty would be 2 500 giving an effective tax rate of 0 45.

Stamp duty calculator second home refund. Stamp duty is the tax we have to pay when buying land or property in the uk above a certain value. Published 1 april 2016 last updated 3 june 2020. Ask for a repayment of the higher rates of stamp duty land tax sdlt for additional properties if you sell what was previously your main home. Those subject to the additional rates of stamp duty rates will pay an extra 3 on top of the relevant standard rate band.

If someone still owns their original home after 3 years the higher rate of stamp duty will apply to the new purchase and a refund of stamp duty will not be possible. Second home owners that sell one of their properties could be in line for a stamp duty refund. Therefore you would have likely paid second home stamp duty i e. Because stamp duty is tiered see below table you will pay a different stamp duty rate on different portions of the property value.

The stamp duty refund must now be claimed within 12 months of the sale of the previous main residence. Definition of a main residence. This will calculate the new rate of sdlt you will need to pay after 1st april 2016. If you then sold your old property within 3 years of purchasing your new one you may be entitled to a refund on the surcharge.