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I suppose i could commute for the first year til the two yr clawback is up - slightly over an hour's drive!
You appear to have misunderstood the responses - you can't avail of the rent a room scheme if you are not an owner occupier.
I suppose i could commute for the first year til the two yr clawback is up - slightly over an hour's drive!
I don't have any other loans except the mortgage which I find manageable and don't have any dependents so could b a lot worse I guess!
Remember that it will be pro rated down by the number of years you have already been in the property.
In this case the clawback is designed to prevent people claiming owner occupier benefits/reliefs only to make the property a rental/investment property soon after. "Soon after" used to be 5 years but was changed to 2 last budget. And to argue that the tax is a barrier to free movement of labour is a bit of a stretch!What a barrier to the free movement of labour Stamp Duty is.
thanks for the responses.
yes, I did understand the post about the rent a room scheme, I am availing of it at present and have two tenants in the house which is working out very well.
I have to say I do feel hard done by as I have no choice but to move to get job security, I cannot get it where I am due to poor management and red tape surrounding contracts (public sector). I didn't expect the opportunity to come up so soon, but I'm still on the same pay scale.
Obviously, rules are rules, but it does seem unfair that I can't just rent out my room and rent another room elsewhere for the same price.The figures are the same, I will be paying stamp duty on a second property when I do go to buy again.
I have educated myself to this point, pay anough tax yet I'm being penalised in the name of self improvement (sorry, letting off steam now!)
I don't think I need to worry about negative equity as the area is doing well economically - plenty of new employment recently, lots of demand for rental too.
anyway, i'll keep reading the threads, thanks very much, a great site
I have educated myself to this point, pay anough tax yet I'm being penalised in the name of self improvement (sorry, letting off steam now!)
Have you actually calculated how much the Stamp Duty clawback would be? Remember that it will be pro rated down by the number of years you have already been in the property.
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