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I wanted to ask a slightly technical question, which I believe will be answered considering the wealth of expertise on this forum.
The title may seem fairly innocuous, but my situation is that my first house (the one I live in), is the one I do business in. I run it as a small B&B. Over the years I had works done to it and now its a fully functioning 6 bed apartment B&B. Each apartment is self contained, and the service provided can be considered akin to a hotel. Me and my family of 5 live in the property too. (50% of the Sqft)
My question:
I would like to move out (purchase) to a family home, and use the whole of the current property as a B&B. Will the purchase of the family home (additional) be considered as a second house purchase and the higher stamp duty levied? Or will be second house be considered my home and my B&B property as a business and standard rate stamp duty levied?
Thank you
The title may seem fairly innocuous, but my situation is that my first house (the one I live in), is the one I do business in. I run it as a small B&B. Over the years I had works done to it and now its a fully functioning 6 bed apartment B&B. Each apartment is self contained, and the service provided can be considered akin to a hotel. Me and my family of 5 live in the property too. (50% of the Sqft)
My question:
I would like to move out (purchase) to a family home, and use the whole of the current property as a B&B. Will the purchase of the family home (additional) be considered as a second house purchase and the higher stamp duty levied? Or will be second house be considered my home and my B&B property as a business and standard rate stamp duty levied?
Thank you
