Stamp duty

simonfr

Say for example you purchased a %age of a property, e.g. 50% for £110k, then later purchased the other 50% some years later for £110k. Would you still be liable for stamp duty??

S

NastyMatt

like buying some one out? Then no you wouldn't pay stamp duty.

If you mean nothing like this then you'll have to be more specific!!

knuttykitten

Simonfr - stamp duty land tax is payable on land transactions for a valuable consideration (for instance money) but if that value is less than £120,000 then there's generally no money payable.

suki1964

If you are buying it on a sharedownership scheme, then yes stamp duty is payable for the amount the property is worth at the time of first share purchase

simonfr

I want to buy my parents place, but they still want to live in it, so if i go for 50% just now, and 50% later, how am i affected with stamp duty.......
So if the property is worth, say £230k, and i go for 50%, £115k, i pay 1% of the £230k?
Or do i get nailed for 1% when i pay the other 50%?
Or is this a way round paying stamp duty

Its a way for them to release equity in their retirement......

knuttykitten

ooh, I'm not so sure....

you have to complete a form SDLT1 whatever and I think you have to declare that you're connected to the vendor and that the two transactions are linked when you eventually complete the 2nd transfer and stamp duty land tax is payable on the total consideration of the linked transactions. I think you're also required to retain relevant docs for 6yrs too so that might have a bearing. I don't know whether a good length of time between the 2 deeds changes things, what we need is a conveyancer to help us out here, or else someone who works at the Stamp Office...

sorry, I guess that's not much help!!!