House Buying & Renting

[Tysonator]

Hello members,

An unusual question,
before I advise a family member to buy a property I though I might ask the OC forum collective.

If a family member were to buy a residential property with the intention of letting out say 3-6 months after purchase what impact / liability would there be for Stamp duty ! ?

So if the property is purchased as residential and the normal stamp duty was paid what is the acceptable / normal time table before the property can be let out ! ?

The purchase will be non mortgaged

 

[Tysonator]

The house purchase will be cash, so no mortgage and at the moment if family member rents the property it will be liable for 3% stamp duty on the purchase value.
They are looking at a potential bill for apx 9k !
Plus paying income Tax on letting income and when they sell capital gains tax of 18% on the any profit element ( after personal allowance ).
Might as well just hand over all you cash to the government ! !
They are too young to claim pension and are looking to build a cash base for retirement as bank a/c interest rates are so poor at the moment.