Hi all
I have a client who is US Domiciled and resident. A number of years ago my client moved to London for two years and purchased a property. When they came back to the US they kept the house and rented it out. Since coming back to the US they have rented. They own no other property except for this one in London.
He now wants to sell the UK property and buy a smaller one and has asked if the 3% stamp duty will apply as he only owns one house (albeit it is rented out). I am not sure it does apply but would welcome views.
Thanks
Bob
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Replies (3)
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@ Paul I think the OP is talking about the SDLT on the smaller replacement property.
And the answer is that provided that the old property is sold before, or on the same day that, the new property is purchased, the purchase will not be liable to the additional 3% SDLT, according to the consultation document.