Stamp Duty When Buying New Home But Not Sold 1st Home
Published / Last Updated on 31/03/2023
The stamp duty land tax that you pay if you plan to buy a new main residence but are still in the process of selling your existing main residence, could initially be costly.
If you buy a new main home and sell your old home at the same time, normal stamp duty rates will apply.
If you keep your main home and buy a new (2nd) home, higher stamp duty rates in England and Northern Ireland (3% additional levy) or Scotland and Wales (4% additional levy).
If you keep or are unable to sell your main home and buy a new (2nd) home, higher stamp duty rates in England and Northern Ireland (3% additional levy) or Scotland and Wales (4% additional levy).
- If you then subsequently sell your 1st main home withing 3 years of completing on the 2nd purchase, you can make an application to reclaim the additional 3 or 4% levy paid.
- You must make this claim to HMRC withing 12 months of completing the sale of the 1st (former) main home.
