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  • Tax

    Main residence stamp duty

    Hi all, I am thinking to buy some land and build my own house to live in. If I sell my main residence, can I claim back the 3% extra stamp duty and if so is there a time limit for this?

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    Yopu shouldn't pay the extra 3% when buying bare land so nothing to reclaim?

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA

    Thank you! what about if I buy a property, knock it down & rebuild?

    Also on a new build, can we reclaim the vat on labour, materials or both?

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    It you buy a residence you will pay the extra 3% but reclaim if you sell existing residence within 3 years.

    If you demolish (normally to ground level and none of the existing is incorporated into the new) then you should get 0% VAT

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA

    Debbie ,I know you can claim your extra stamp duty within three years what about CGT ?If you have moved to the new property and now selling your previous one let's say you have to let it out for six months during the process of sales.

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    you can let for 18 months no problem and likely for a fair bit longer due to additional letting exemption

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA

    Don't forget to claim VAT exemption as well

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