Thinking of buying 2nd property

[Rambo]

Hi,

Myself and a friend have just bought an apartment, we are first time buyers so we paid no stamp duty. We are going to live in it.

Im now thinking of buying somewhere with my girlfriend.

1. If we were to buy a new property would we have to pay stamp duty on
it?
2. If I did get a 2nd property and moved into it, would I have to pay
stamp duty on the apartment as im not living there any more?

My friend wants to do the same, and then we could rent the apartment out.

Cheers.

 

[asdfg]

1. If we were to buy a new property would we have to pay stamp duty on it?

By new if you mean a new build - no stamp duty is payable if the house is less than 1,400 sq ft approx. Even if over this stamp duty may not be payable.

2. If I did get a 2nd property and moved into it, would I have to pay stamp duty on the apartment as im not living there any more?

If you let the 1st apartment you will have to pay stamp duty at the investors rate.

You also have to advise revenue that you have let the property, register it and send in annual rental income returns. In the early years the tax payable may not be great and could be a loss which can be carried forward. Expenses can be generous in the early years due to mortgage interest and other allowances being available.
It is much better to make sure everything is in order from the beginning as revenue can apply very strict penalties and interest if tax has not been paid.

 

[ClubMan]

By new if you mean a new build - no stamp duty is payable if the house is less than 1,400 sq ft approx. Even if over this stamp duty may not be payable.

As long as you are owner occupiers. If it is to be rented out then SD applies.

 

[Rambo]

Thanks for the adivce lads, i will look in to it.


Cheers.