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Help with Stamp Duty

luvin_the_money
Posts: 20 Forumite
Hello Money Saving Forum users.
I am after some advice on Stamp duty and my situation.
Property A ...bought 50% shared ownership 12/2007 which I lived in for a while. (stamp duty deferred)
Property B.... Bought a house for me and the Mrs 09/2013 (Mrs also owns 2 other BTL's)
Property A is now empty and run down so I am planning on buying the other half at market value (cash) and leaving my existing mortgage running on it. What stamp duty would I pay if the full market value is £100K. Do I pay the 3% as it is a second home?
Is there a way of not paying the 3% stamp duty?
I am after some advice on Stamp duty and my situation.
Property A ...bought 50% shared ownership 12/2007 which I lived in for a while. (stamp duty deferred)
Property B.... Bought a house for me and the Mrs 09/2013 (Mrs also owns 2 other BTL's)
Property A is now empty and run down so I am planning on buying the other half at market value (cash) and leaving my existing mortgage running on it. What stamp duty would I pay if the full market value is £100K. Do I pay the 3% as it is a second home?
Is there a way of not paying the 3% stamp duty?
0
Comments
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You'd pay 3% SDLT.
No way around it.0 -
lewishardwick wrote: »You'd pay 3% SDLT.
No way around it.
I like the bluntness of your reply... Thank you.
would the reasoning behind it be that stamp duty is payable once I own an 80% share and at this point it is assessed on my other home ownership status?0 -
luvin_the_money wrote: »would the reasoning behind it be that stamp duty is payable once I own an 80% share and at this point it is assessed on my other home ownership status?
plus the rule that as a "unit" (ie married couple) you in fact are deemed to currently own 4 not 2 properties in total0 -
in a word: Yes
plus the rule that as a "unit" (ie married couple) you in fact are deemed to currently own 4 not 2 properties in total
We are not married.... Yet... but will be before completion (6th August). What if we "Separated" or since I bought property A first could this be classed as my Main home?
I get the feeling I will just have to pay it....0 -
luvin_the_money wrote: »We are not married.... Yet... but will be before completion (6th August). What if we "Separated" or since I bought property A first could this be classed as my Main home?
I get the feeling I will just have to pay it....
Your main home is a statement of fact, not interpretation - you can only classify it as your main home if it actually is.
You will have to pay.0 -
Shame that stamp duty was deferred in the first place0
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luvin_the_money wrote: »We are not marriedluvin_the_money wrote: »What if we "Separated" or since I bought property A first could this be classed as my Main home?
I get the feeling I will just have to pay it...I get the feeling I will just have to pay it....
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/509184/GuidanceNote_Final.pdf0 -
Bluebirdman_of_Alcathays wrote: »Nobody from HMRC will believe you will have separated less than 1 month after marriage.
Your main home is a statement of fact, not interpretation - you can only classify it as your main home if it actually is.
You will have to pay.
Over the next 12 months I will be living at property A for 7 months. So by "Statement of Fact" as I will be living in property A more than property B it is my main home?
I will not lie by saying we are separated I was just interested.0 -
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