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shared ownership stamp duty
london.cidade
Posts: 147 Forumite
Hello,
I and my wife plan to buy a house and want to own %50-50. let's assume that the property' cost is 400K.
do we have to pay stamp duty as the normal calculation for 400 K ? total 10 K
or each would pay stamp duty for his/her ownership which is 200K? total1. 5K+1.5K =3K
thank you
I and my wife plan to buy a house and want to own %50-50. let's assume that the property' cost is 400K.
do we have to pay stamp duty as the normal calculation for 400 K ? total 10 K
or each would pay stamp duty for his/her ownership which is 200K? total1. 5K+1.5K =3K
thank you
0
Comments
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My experience of this is only from when myself and my wife bought a shared ownership flat in Bristol in 2004, we paid Stamp Duty on the full amount, however that is a long long time ago, and this may have changed with the changes to the Stamp Duty tax.0
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SDLT is assessed on the transaction. There is one transaction here - a house is being sold for £400k. £10k SDLT is due.0
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OP, "shared ownership" is generally used to refer to schemes where you buy a percentage interest in a property and the remainder is rented to you by a landlord. You and your wife owning a property is joint ownership. As above, it's irrelevant for the purposes of the SDLT calculation.0
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