Will I be liable to pay higher rate stamp duty on my purchase? What constitutes a “second property”? Higher rate SDLT is payable on multiples dwellings. If any of you will own, or part own more than one residential property worth £40,000 or more, you will have to pay the higher rates on your new purchase (unless there is another reason why the higher rates do not apply).
This includes any residential property that:
– is owned on behalf of children under the age of 18 (parents are treated as the owners even if the property is held through a trust and they are not the trustees)
– you have an interest in as the beneficiary of a trust
Including your current home, if you still own it at the end of the day you buy your new home.