UK stamp duty surcharge?

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UK stamp duty surcharge?

Hello!  Does anyone know if leaseback properties will count as 'second properties' when UK stamp duty is calculated from April onwards?

I foolishingly bought a couple of low-ish cost leaseback properties some years back as I couldn't afford to buy in London (where I grew up and where I work) but I didn't want to get permanently priced off of the housing ladder so leaseback apartments looked like a good idea at the time.  I've now almost saved enough to buy a flat in London, but I can't work out if the new stamp duty charge will apply to owners of leaseback properties?   In London the surcharge will add any extra £15k+ when buying an 'average' property!

According the new stamp duty rules, the following applies:

People who already own a home and an investment property (or several properties!) are not hit by the surcharge if they're 'trading up' their main residence, but people who rent the home they live in but also own a buy-to-let - whether in the UK or elsewhere, even if not able to live in it themselves - do have to pay the surcharge when they buy their first home.  People who own their own home and then choose to buy a holiday buy-to-let overseas do not have to pay the surcharge either. 

My hope is that leaseback flats may count as commercial properties given that 'hotel-like' services must be provided in order for apartments to keep their 'résidence de toursime' status.  

Does anyone know if leaseback flats can be counted as commercial or are considered residential in the UK?  

(My UK accountant doesn't know very much about French property, and my French account doesn't know anything about UK stamp duty rules unfortunately!). 

Many thanks for your help, 

Lolly 

 

 

 

I'm in your exact situation and would love to know what came of this. As a first-time buyer in the UK, it seems completely nonsensical that we should be charged the higher SDLC rate just because we don't have a 'main residence' to transfer.

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