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  • FIRST POST
    • 1maddad
    • By 1maddad 12th Jul 17, 11:51 AM
    • 3Posts
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    1maddad
    Stamp duty split
    • #1
    • 12th Jul 17, 11:51 AM
    Stamp duty split 12th Jul 17 at 11:51 AM
    Hi
    If i buy a house for £57000 with a friend both 50% share do we still have to pay stamp duty of £1710 or not. As 50% is only £27500 each and under the £40000 that stamp duty starts. Thanks for any help
Page 1
    • kingstreet
    • By kingstreet 12th Jul 17, 11:53 AM
    • 31,931 Posts
    • 17,061 Thanks
    kingstreet
    • #2
    • 12th Jul 17, 11:53 AM
    • #2
    • 12th Jul 17, 11:53 AM
    What makes you think SDLT starts at £40,000?

    It starts at £0 for a residential purchase and for a BTL or second property it starts at £0, unless the property value is less than £40,000 then it's £0 to pay.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Pixie5740
    • By Pixie5740 12th Jul 17, 11:54 AM
    • 10,827 Posts
    • 14,955 Thanks
    Pixie5740
    • #3
    • 12th Jul 17, 11:54 AM
    • #3
    • 12th Jul 17, 11:54 AM
    SDLT is payable on the total purchase price of £57k not "your share" of the property. The SDLT threshold is £125k unless this is the purchase of an additional residential property for either one of you in which case the threshold is £40k.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • 00ec25
    • By 00ec25 12th Jul 17, 11:56 AM
    • 4,771 Posts
    • 4,146 Thanks
    00ec25
    • #4
    • 12th Jul 17, 11:56 AM
    • #4
    • 12th Jul 17, 11:56 AM
    SDLT is charged on the total

    you do realise that the £40k limit applies to the ADDITIONAL rate SDLT only?
    Last edited by 00ec25; 12-07-2017 at 12:02 PM.
    • 00ec25
    • By 00ec25 12th Jul 17, 12:00 PM
    • 4,771 Posts
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    00ec25
    • #5
    • 12th Jul 17, 12:00 PM
    • #5
    • 12th Jul 17, 12:00 PM
    What makes you think SDLT starts at £40,000?

    It starts at £0 for a residential single purchase and for a BTL or second an additional property it starts at £0, unless the property value is less than £40,000 then it's £0 to pay.
    Originally posted by kingstreet
    please don't perpetuate the myth that it is a BTL tax

    an additional property can be residential, BTL or second(/third/fourth/etc) "home" as the case may be
    • kingstreet
    • By kingstreet 12th Jul 17, 12:06 PM
    • 31,931 Posts
    • 17,061 Thanks
    kingstreet
    • #6
    • 12th Jul 17, 12:06 PM
    • #6
    • 12th Jul 17, 12:06 PM
    please don't perpetuate the myth that it is a BTL tax

    an additional property can be residential, BTL or second(/third/fourth/etc) "home" as the case may be
    Originally posted by 00ec25
    So noted...

    Apologies for my inexact terminology.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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