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Stamp Duty on 'Transaction'?
Sconifer
Posts: 12 Forumite
Hi all,
Following a break-up with my partner, I'm buying her out of her share of the house we've both lived in for two years.
The solicitor had advised us that, because I'm theoretically buying her half of the mortgage off her, plus making a further payment to her, then I have to pay stamp duty as it is a transaction tax rather than a purchase tax.
This has really annoyed me because it just feels I'm getting shafted twice by the same ridiculous tax to keep owning a property I've already paid the tax on.
Anyhow, the amount of the 'transaction' comes to about £161k, so I was just wondering in the light of today's news if there's a chance I now won't have to pay it? We haven't yet 'completed' - the mortgage company have only just issued their offer to the solicitor.
Many thanks,
Scott.
Following a break-up with my partner, I'm buying her out of her share of the house we've both lived in for two years.
The solicitor had advised us that, because I'm theoretically buying her half of the mortgage off her, plus making a further payment to her, then I have to pay stamp duty as it is a transaction tax rather than a purchase tax.
This has really annoyed me because it just feels I'm getting shafted twice by the same ridiculous tax to keep owning a property I've already paid the tax on.
Anyhow, the amount of the 'transaction' comes to about £161k, so I was just wondering in the light of today's news if there's a chance I now won't have to pay it? We haven't yet 'completed' - the mortgage company have only just issued their offer to the solicitor.
Many thanks,
Scott.
0
Comments
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Yes, they do charge SDLT on half the transferred debt plus the amount you are paying your ex.
We have yet to see the full details but it certainly looks as if provided the "effective date" (which on the present SDLT forms is completion) is on or after 3rd September 2008 and before 3rd September 2009 you won't have to pay.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
only need to pay SD on completion ! ie you will be £1,610 better of than you thought yu would be0
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Thanks guys - that would be a much needed lucky break if I can wangle not having to pay it!0
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