CHANGE OF USE: STAMP DUTY ON SECOND HOME

[Victorian33]

Hi all.

Need some clarity on tax with regards to second home. If I was to change my second home/Holiday home to a BTL or holiday let via a new mortgage would I have to pay the extra 3% surcharge? I purchased the property in 2014 prior to the introduction of the SDLT surcharge. 

Also can anyone advise on a separate query if I wanted to raise money to refurb - is it better to use fundingcircle or look at mortgages products for the extra borrowing? 

 

Thanks all , appreciate any help. 

 

Ady

[Tim Wragby]

Ady

As far as I am aware SDLT is payable on purchase/ change of ownership and so change of use will not trigger your liability for SDLT - but contact HMRC if you cannot get what you need from their website information.  Sorry can't advise on second question

[Victorian33]

Thanks for the email. 

Its a bit of a grey area as I spoke to an accountant who said you may be liable to pay extra SDLT if change from second home to BTL but I’ll do some further digging...