Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

I don't wish to pay Second home stamp Duty surcharge. What options do I have?

56 replies

BroglieBoy · 04/08/2023 17:17

Is there any way I can avoid paying second home stamp duty?
Can I ask the solicitors to not declare that I am a second home buyer?

I am looking to buy a second home which will be my main residence. I have a buy-to-let property which I want to sell but I can't, as I am in negative equity.

I know that if I sell the first property within three years I can request for a stamp duty refund but I doubt if I can sell the property without making a huge loss within the next three years.

I am happy to take a small loss( say 20K to 30K ) and sell the first property but unfortunately, our situation is such that it will be a big loss in excess of 60K.

Thanks

OP posts:
greydressinggownofdoom · 04/08/2023 17:18

So you want a solicitor to make a fraudulent declaration?

OhhhhhhhhBiscuits · 04/08/2023 17:19

No. No chance of that happening. Either you sell with the timescale and get a refund or you pay up.

Twiglets1 · 04/08/2023 17:20

Is this a wind up? The legal rules apply to you too.

Original poster
BroglieBoy · 04/08/2023 17:21

or is there a way to delay the Stamp duty surcharge for a few years?

OP posts:
ajandjjmum · 04/08/2023 17:21

Don't buy a second home.

DarkForces · 04/08/2023 17:22

No solicitor is going to risk losing their registration, reputation and jail time to save you money.

If you want to find a loophole pay a tax specialist.

AuroraForever · 04/08/2023 17:24

Don’t be so ridiculous. If you’re buying a second home then you have to pay it.

parietal · 04/08/2023 17:25

You owe the tax so you pay the tax. That's the law.

JaninaDuszejko · 04/08/2023 17:25

Ask a solicitor. This is a second house but a primary residence so I don't know if there is a loophole there. Not a solicitor though.

RagzRebooted · 04/08/2023 17:26

If you can't sell the first due to negative equity, where are you getting the money/deposit for the 2nd one?

AbacusAvocado · 04/08/2023 17:26

I don’t wish to pay any taxes at all let me know if you have any handy loopholes I can use.

Bubbleses · 04/08/2023 17:27

Agreed on the above - you can’t (and shouldn’t be trying to) avoid paying this tax.
How are you so far in negative equity on the BTL? Did you only buy it last year at the top of the market? Have you tried to sell already or are you going off a recent valuation?

LittleBearPad · 04/08/2023 17:27

AbacusAvocado · 04/08/2023 17:26

I don’t wish to pay any taxes at all let me know if you have any handy loopholes I can use.

Grin
feathermucker · 04/08/2023 17:28

Doesn't sound like you can afford to do this. You can't just decide you don't want to pay something 🤣

LittleBearPad · 04/08/2023 17:28

I’m sure if you contact HMRC and tell them you don’t want to pay it they’ll let you off - just this once…

Hmm
greydressinggownofdoom · 04/08/2023 17:29

AbacusAvocado · 04/08/2023 17:26

I don’t wish to pay any taxes at all let me know if you have any handy loopholes I can use.

😂

sparklefresh · 04/08/2023 17:29

You will be buying a second property. Therefore you will need to pay the surcharge. If you lie to your solicitor, you are committing tax evasion. If you ask them to lie for you, you could cost them their career.

BobstarSunny · 04/08/2023 17:33

There is a way around the second home stamp duty, but it depends on your circumstances as to whether you qualify. An example of how it works:

You own a house, your partner owns a house. You move in together and live in one main residence and the second residence is rented out. You sell your main residence that you both live in and when you replace that with your new purchase, you don't pay additional stamp duty, even though you still have the second home. You have to be married/civil partners to do it. You can keep the second home.

If you are the owner of two houses then you wouldn't qualify for the main residence exemption.

I only know this because my husband and I were in the scenario I've described as we both had houses before we met each other. We got married to avoid a very high stamp duty bill (we were going to anyway, but it pushed us to do it quicker) and his mum lived (for free) in the second home.

SnowyPetals · 04/08/2023 17:34

I have just inherited a shed load of money but I don't wish to pay tax on it. Does anyone also know a solicitor that could get me out of that? I also really hate paying income tax but do still want to get paid. What can I do?

SusiePevensie · 04/08/2023 17:36

Tax is the price we pay for civilisation

Pinkitydrinkity · 04/08/2023 17:37

If the new property is replacing a main residence within 36 months then you won’t be subject to the surcharge.

There isn’t a way around it otherwise. There’s no point lying to HMRC because they have access to the land register.

trampoline123 · 04/08/2023 17:38

Oh yeah...wish I could pick and choose the taxes I pay Hmm

WomanAtWork · 04/08/2023 17:39

No you have no options except don’t buy the second property.

unless you happen to be a senior member of the Tory party? Or a board member of a bank? Those guys seem to get away with absolutely anything.

AgnesX · 04/08/2023 17:42

There's a lot I don't "wish" to pay for either. You can ask but don't be surprised if you're bounced off the premises. Any reputable solicitor will not be amused.

IhearyouClemFandango · 04/08/2023 17:43

"I don't wish to..." 😂😂