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Stamp Duty - Additional Rate
Comments
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Eh? I thought we had just established that you didn't need to pay the higher rate?
Sorry I seem to be getting confused. I have read 3.42 and here is what it says
"Where a transaction is entered into by joint purchasers the higher rates will apply
if the transaction would be a higher rates transaction for any of the purchasers
considered individually39. So if there are two individual purchasers and
Conditions A to D are all met for one of them only, the transaction will be charged
at the higher rates. "
My understanding of that is that if my Dad was purchasing the property on his own, he would need to pay the higher rate and so if we purchase somewhere together we would be liable for the higher rate.
Have I got that wrong?
Thanks for the advice so far.0 -
I would agree with you that it will be a higher rate transaction where father is a joint purchaser as he already owns property that means his involvement would be an additional property for him which falls within one or more of the 4 conditions A - D that trigger the higher rateStrebor123 wrote: »My understanding of that is that if my Dad was purchasing the property on his own, he would need to pay the higher rate and so if we purchase somewhere together we would be liable for the higher rate.
Have I got that wrong?0 -
Yes, ignore my earlier post. You get the advice you pay for around here...I would agree with you that it will be a higher rate transaction where father is a joint purchaser as he already owns property that means his involvement would be an additional property for him which falls within one or more of the 4 conditions A - D that trigger the higher rate
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