Hi everyone. Just wanted to know from you guys who have a second home/property in the Phils. Should I be paying stamp tax/duty if I own another home here in the UK? I have a property in the Phils to which I pay local taxes for. Should I buy another property here, am I going to be taxed with the property I own in the Phils as in essence, the UK property is going to be my second home? Thanks.
if you buy a home in the UK--but already own a home anywhere else in the world ( or your spouse does !!!)--you pay a surcharge on the UK stamp duty for the privilege. but i'm not sure what home ownership in the philippines entails. or a home even.
i understand its perfectly possible to build a house on land--for example--a parents garden--without any planning permission in the philippines. who owns what ?
well, house is on land that is owned by mom (in the phils).. i built a house on it.. so not sure really
@florgeW have a look through this link it may help https://www.gov.uk/stamp-duty-land-tax On a dìfferant note are you going to the light festival at Heaton Park
How on earth would they ever know unless you told them? What counts as a second home? Anything other than your main residence – it could be a holiday let, a property bought as an investment or somewhere you are helping another family member to buy. This surcharge will also apply even if the main home you currently own is overseas. I plan on buying a second home. How much extra stamp duty will I pay? You will pay the duty on any property costing £40,000 or more. For each tier you would pay a rate three percentage points higher. This means: On a property costing up to £125,000 you will pay 3%, rather than 0%. On a property costing £125,000 – £250,000 you pay 5%, rather than 2%. On a property costing £250,000 – £925,000 you pay 8%, rather than 5%. On a property costing £925,000 – £1.5m you pay 13%, rather than 10%. On a property costing £1.5m+ you pay 15%, rather than 12%. Advertisement So a house costing £100,000 would have a bill of £3,000. On a £200,000 property you would pay £7,500 (3% on the first £125,000 then 5% on the next £75,000), and if you were spending £350,000 on a second home you would pay £18,000 (3% on the first £125,000, 5% on the next £125,000 then 8% on the remaining £100,000). Someone buying a second home costing £1m would face a bill of £73,750 (3% on the first £125,000, 5% on the next £125,000, 8% on the next £675,000 and 13% on the last £75,000). https://www.theguardian.com/money/2016/mar/31/stamp-duty-second-homes-what-will-i-pay You’re liable to pay the surcharge even if the property you currently own is a holiday home abroad and you’re now buying your first property in the UK. It doesn’t matter whether you own a freehold or leasehold, a shared ownership property, or are a joint owner of your previous home – you’ll have to pay additional Stamp Duty on your new one. What’s more, it’s irrelevant whether you actually bought your previous property or were added to the title deeds later on - you technically own a property, therefore any new property you purchase will be a second one. https://www.charcol.co.uk/guides/second-home-stamp-duty/
Unless the so called "house" is a structure built out of bits of tree,nipa and bamboo and less that 15 Sqr meters..They need a building permit!
