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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Thank you for your understanding.Need some advice on transfer duty I think (buying into a property owned by a family m
Alphamare
Forumite 701 Posts
"ive been offered a share in a house, with family members already owning the house'. Do i need to pay transfer duty when my name gets added on to the title deed?
Basically?
Basically?
If you dont know where you are going... Any road will take you there :rotfl:
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I have tried reading the hmrc sight but it just baffles me. I will be calling them later but appreciate any help please
Oh well: is your concern Stamp Duty? (SDLT.)
My understanding is that the taxman would add up all the payments you are going to make (presumably adding up to £55k) and charge on that. Since it adds up to less than £125k his charge would be zero. Even if he viewed your and your sister's transactions as being linked, they still add up to less that £125k, so again, no SDLT to pay. It is also my understanding that you have to report the transactions to him so that he can indeed decide not to charge you.
Whether my understanding is right or wrong, you surely should get in touch with whichever service it is that runs SDLT in Scotland.
I think your lack of replies is due to the difference in Scottish law and the desire not to give you wrong information!
It is stamp duty I was asking about.
Why will the mortgage be an issue/complication? Could you elaborate please