Updating post from Reddit.
I have a residential and BTL property 2 x 200k which I’ve already paid the higher rate of stamp duty on. I want to keep my residential and change it to another BTL.
I understand I’ll have to pay higher rate of stamp duty on my next residential which would be a fortune. Is there any way I can transfer my current residential to a LTD as an additional BTL, pay the higher land tax on 200k, which then I’ll have no residential property and can then purchase one at 400k with standard stanly duty costs?
Thanks
If current BTL are also in your name then all three will need to be in LTD. Which won’t be a super cheap process and higher interest on mortgages etc. Otherwise buying the £400k property purchase will still be an additional purchase.
As it stands, I’ve paid the higher land tax for my current BTL so I’ve been advised that if I sell my residential then I won’t pay the higher tax as it’s already been paid been advised this by a few tax advisors. You don’t think this is correct?
A man on the internet once said that in this situation, you can' volunteer' to pay the extra 5% surcharge on the existing, leaving you to pay the standard residential rate on an onward purchase.
Speak to several conveyancing solicitors and note their opinions.
Interesting, thank you