A client with a flat which was his main residence for several years is going to buy a house which will become his main residence. He will rent out the flat and accepts that he will have to pay the additional 3% stamp duty on his new home.
However, if he transfers ownership of his flat to a NewCo will that be sufficient in order to apply for a refund of the 3% stamp duty that he will pay on his new house?
I appreciate that the company will have to pay an extra 3% SDLT on the flat; but this will be considerably less than the extra 3% SDLT that he has to pay on his new house.
Readers views will be much appreciated