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Meeke
Meeke
Posts: 2 Newbie
My two daughters own (with joint mortgage) an apartment in Glasgow, one resides and the other rarely stays as she works abroad. This daughter now wishes to purchase her own property in Southern England and is unsure if she will be liable for the 3% "buy to let stamp duty" notwithstanding this 'new' property will be her MAIN residence!!
Looking for options/advice???
Looking for options/advice???
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Comments
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Yes, she will pay the higher SDLT. Unless she sells her interest in the property to her sister first. At which point the person staircasing from 50% to 100% may be liable for SDLT (at the ordinary rate assuming it's her only property) depending on the amount paid. The amount paid would include any transfer of debt.
Of course, the lender would need to agree to one daughter selling their share to the other.
NB - it isn't BTL stamp duty. It's stamp duty on additional residential properties."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
Yes she will be liable for the additional 3% SDLT. The new property will be her main residence but she is not disposing of the other residence so she is liable. If her sister were able to buy her out before she purchased another property she wouldn't be liable for the additional SDLT. If her sister buys her out of the Glasgow property within 36 months of her buying the new property then she can claim the additional SDLT back from HMRC.0
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As it is Scotland it is not SDLT but LBTT - seeYes, she will pay the higher SDLT. Unless she sells her interest in the property to her sister first. At which point the person staircasing from 50% to 100% may be liable for SDLT (at the ordinary rate assuming it's her only property) depending on the amount paid. The amount paid would include any transfer of debt......
https://www.revenue.scot/land-buildings-transaction-tax
Slàinte mhath!0 -
theartfullodger wrote: »As it is Scotland it is not SDLT but LBTT - see
https://www.revenue.scot/land-buildings-transaction-tax
Slàinte mhath!
She's buying the second property in England, it's the first property that's in Scotland.0 -
She currently owns one property. She will be owning two properties.
She has to pay the 3%.
No other details are relevant.0 -
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Whoops, I should have read it more carefully. I thought Artful has quoted me.
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Appreciate the confirmation of what I feared!!
Will now look at appropriate options.!!0
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