Second home stamp duty - 50% share?

ptrichardson

Hi,

The £40,000 threshold for this - is that per share, or overall?

Example:

Person A and B jointly own a house worth £60,000
Person B sells their share to person C for £30,000

Person A and C now jointly own the house

Is there any second home stamp duty to pay?

Thanks

Pixie5740

!!!!!!, is yet another thread about the additional SDLT really necessary? Follow the suggestion in your other thread and read HMRC's Guidance Note.

ptrichardson

Pixie5740 wrote: »

!!!!!!, is yet another thread about the additional SDLT really necessary? Follow the suggestion in your other thread and read HMRC's Guidance Note.

Sorry, wasn't trying to split it out for clarity, and because it wasn't part of my original question.

If you don't like reading these threads, why open them?

Also, I hadn't seen the link to the guidance notes before I created this thread.

da_rule

It's based on the value of the consideration given for that transaction. So, if the money paid is less than £40k (regardless of whether that's for a share of a property or an entire property), then there is no stamp duty (either standard or higher rate).

ptrichardson

da_rule wrote: »

It's based on the value of the consideration given for that transaction. So, if the money paid is less than £40k (regardless of whether that's for a share of a property or an entire property), then there is no stamp duty (either standard or higher rate).

Thank you - you've just saved me two grand. Really appreciate the reply, cheers.

G_M

Many people devote a lot of time to trying to help people.

It is frustrating when you discover someone is apparantly not reading responses and re-posting in new threads an associated or new question.

Doubtless before opening the thread pixie had no idea it was related.

ptrichardson

G_M wrote: »

Many people devote a lot of time to trying to help people.

It is frustrating when you discover someone is apparantly not reading responses and re-posting in new threads an associated or new question.

Doubtless before opening the thread pixie had no idea it was related.

Yeh, I appreciate that.
It really was a spin off question though, not entirely related and I didn't want to lose focus on the initial reason for the first thread.

I also find reading a 38 page complex language document to be a little overkill for a simple question like this one. Especially as I'd probably have ended up asking questions about the document anyway.

i.e. "what is a consideration".

Pixie5740

Information about the additional SDLT isn't difficult to find, just type "Additional SDLT" into Google (or a search engine of your choice) and you can find it. Furthermore, if you just type "SDLT" into the search function on the forum you'll being up dozens of threads similar to yours.

If you can't be bothered to read HMRC's guidance note why do you think other people can be bothered reading it for you? It contains the answers to both your threads.

In answer to your question about why I bothered to open this thread, one reason is that you had already been provided a link that would answer this question so it was to alert other posters that you had already been given the information. The second reason is that I am a grumpy cow.

ptrichardson

Pixie5740 wrote: »

In answer to your question about why I bothered to open this thread, one reason is that you had already been provided a link that would answer this question so it was to alert other posters that you had already been given the information. The second reason is that I am a grumpy cow.

As I pointed out though, the post you refer to, with the link contained, was being posted while I was posting this thread. There was about 2 minuted between the posts.
I hadn't seen it before I posted this thread

AND it wouldn't have answered my questions anyway, as I wouldn't have understood the language contained therein.

All sorted now, thanks to a kind and helpful poster above.

davidmcn

ptrichardson wrote: »

I'd probably have ended up asking questions about the document anyway.

i.e. "what is a consideration".

2.
a payment or reward.
"you can buy the books for a small consideration"
synonyms:payment, fee, premium, remuneration, compensation, recompense, emolument, perquisite;

Pixie5740

ptrichardson wrote: »

As I pointed out though, the post you refer to, with the link contained, was being posted while I was posting this thread. There was about 2 minuted between the posts.

I hadn't seen it before I posted this thread

That's what happens when you post multiple threads about the same thing.

ptrichardson wrote: »

AND it wouldn't have answered my questions anyway, as I wouldn't have understood the language contained therein.

Yes it did answer your questions, it even has a handy Q & A section at the end, and if you find the language too difficult to understand in that document then I have no idea how you think you will keep on top of housing legislation for landlords.