Stamp duty on multi-owner property

Mightyquin_2

Hi,

I and my siblings have inherited equal shares in a house which when sold is likely to be the 'wrong side of the 3% band, but not by a great deal. If we all sold our share of the property seperatly, but to the same person at the same time would the transactions, probably around £80k each, attract stamp duty as though it were a single property purchase or is there a chance that they would be taken as seperate sub-threshold transactions?

Thanks,
MQ.

00ec25

sorry but the answer to your question is an emphatic NO , HMRC saw through that dodge years ago

there is a very clear ruling - one buyer with multiple transactions involving the same property - this is treated as a linked transaction and SDLT is due on the aggregate value

if you are "just" the wrong side of £250k then you will get offers at no more than £250k as only an idiot pays between 250 -275 given the way stamp duty works

BTW there are lots of threads on here about other dodges for the 250 threshold such as selling the fixtures and fittings separately - again HMRC are very aware of this and you have the added fact that, as part of probate, you would have declared a value for the F+F so can hardly then sell them for several £000 at a later date

Mightyquin_2

00ec25 wrote: »

sorry but the answer to your question is an emphatic NO , HMRC saw through that dodge years ago

there is a very clear ruling - one buyer with multiple transactions involving the same property - this is treated as a linked transaction and SDLT is due on the aggregate value

if you are "just" the wrong side of £250k then you will get offers at no more than £250k as only an idiot pays between 250 -275 given the way stamp duty works

BTW there are lots of threads on here about other dodges for the 250 threshold such as selling the fixtures and fittings separately - again HMRC are very aware of this and you have the added fact that, as part of probate, you would have declared a value for the F+F so can hardly then sell them for several £000 at a later date

Well it was worth a go... seems a bit harsh to have to pay 3% on a holding which isnt even in the 1% brackett.... I can see the 250k limit affecting prices around that area, but stopping sales altogether... that seems even harsher...