Stamp Duty land Tax on a Shared ownership property

SunshineDebs

I own 45% share in a flat ( Shared ownership with TVHA) and would like to purchase the other 55% share. The flat was purchased for 210,000 ( full price) ( First time buyer) and is now valued at 270-290 k.
Can anyone tell me what SDLT I would have to pay for purchasing the full 100%??????
I paid SDLT on market value initially.
Thanks!

booksurr

SunshineDebs wrote: »

I own 45% share in a flat ( Shared ownership with TVHA) and would like to purchase the other 55% share. The flat was purchased for 210,000 ( full price) ( First time buyer) and is now valued at 270-290 k.
Can anyone tell me what SDLT I would have to pay for purchasing the full 100%??????
I paid SDLT on market value initially.
Thanks!

get out the documentation your solicitor/conveyancer gave you when you bought the property and read it to confirm which option was used.
Then you can easily answer the question yourself by a quick google and further reading, it ain't difficult
https://www.gov.uk/sdlt-shared-ownership-property

there are 2 options when you buy the initial share in a SO property:
option 1: you make a market value election meaning you pay SDLT based on the full market price of the property. So for example if the property was valued at 210k and you bought 45% your purchase cost was £94,500 but you would have paid SDLT on the full 210k

option2: you elect to pay on the staircase method in which case there was no SDLT due as 94,500 was below the SDLT threshold


so if option 1 applied you do not have to pay anymore SDLT on the 55% share you are now buying

if option 2 applied you will be liable to SDLT on 270 - 94.5

AHO

Hi
If you elected to pay the stamp duty on the full value and not the share you shouldn't be required to pay any more. But still best to check with a qualified lawyer.

If you google, stamp duty shared ownership, one of the first links that appears is for the .gov.uk site, it explains how it works in plain English.

Good luck!

booksurr

AHO wrote: »

Hi
If you elected to pay the stamp duty on the full value and not the share you shouldn't be required to pay any more. But still best to check with a qualified lawyer.

If you google, stamp duty shared ownership, one of the first links that appears is for the .gov.uk site, it explains how it works in plain English.

Good luck!

I rather think she sorted this out more than 12 months ago so your good luck wish is rather pointless given she has never logged in again since Jan 2015

more relevant question is why have you gone searching for such an old post?