Where an individual buys a property suitable for use as a dwelling (e.g. a residential property) and they already own another dwelling worth at least £40,000, then a 3% SDLT surcharge may become payable. This surcharge is known as the Higher Rates on Additional Dwellings (‘HRAD’). In some circumstances the individual may become eligible for a refund of the surcharge if:
the new property is purchased as a replacement for the individual’s main home; and
their former main home is sold within three years of the purchase of the new home.
Earlier this month HMRC confirmed that the refund will also be available to individuals who sell their former main home outside of the three-year time limit, provided that they were unable to s...
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