Stamp Duty on 2nd home

[Abc321]

I didn't know whether to post here or in 'Finance'...

Am I right in suggesting ANY stamp duty paid on a 2nd home is refundable if the 1st home is sold within 36 months? Also does the £250k allowance apply, or is that defunct on 2nd homes?

My mortgage advisor said it would be payable but you lose the £250k allowance, it would then be refunded if the 1st home sold (which is what I read the gov site as!). Just wanted to get a 3rd opinion from the PH collective due to the amount of money at stake

[bennno]

Only the difference between standard and increased second home stamp duty can be claimed back if you sell your primary residence and move in to the second home as your primary residence.

[MyM2006]

You would be entitled to repayment of the higher rate portion of the SDLT on the new property you purchased when you sell your other property within 3 years.

[Abc321]

Ah ok, didn't realise there were 'higher rates' - so property 1 is sub £250k and was my first home so didn't pay anything... and then property 2 is hopefully going to be £250k lets say.

Therefore am I right in saying £7,500 (£250k*3%) is due on purchase of property 2, which will be refunded if it sells within 3 years (it definitely will, will be more like 3 months.)

[Richard-D]

If I've understood your question correctly, you lose the 240k allowance so will pay the additional rate on the full amount.

The .GOV site is quite good though and if you input your figures you will get an official answer:-

https://www.tax.service.gov.uk/calculate-stamp-dut...

I recently bought a 2nd residential property before selling the first. Claiming back the additional stamp duty was surprisingly quick and painless.

[Abc321]

Thanks all, that answers my question. The mortgage advisor was correct (they didn't seem overly confident which is why I checked with the PH collective)).

[Chumley.mouse]

Bought a second house cash , had to pay around 12k in stamp duty. Sold first house about 12 months later. Got the 12k back …….can’t remember all the ins and outs but what really surprised me was how fast we got it back …..took about 10 days from submitting the refund to getting the cheque.