New stamp duty help please!

Amy8156684

Hello,

Im wondering if someone can help with the new stamp duty on house purchases on the below situation please?

I own a residential property in my sole name and my partner lives with me. My partner owns a buy to let property which he has never lived in and was bought solely for renting out. My property is our main residence, we are not married.

We now wish to buy our first home together (this will be my partners first residential property purchase)

I will sell my home and my partner will keep his buy to let.

At the end of the transaction our residential home which is in my sole name will be sold and a new residential property purchased in joint names. The buy to let property in partners name will still remain.

Do we pay the higher tax rate or because I am selling our main residence are we exempt?

Many thanks!
Cannot get my head around it!!

Amy8156684

Apologies but I was after some advice as I cant seem to understand it myself. No worries I will ring hmrc. Thanks anyway.

Amy8156684

Many thanks for your reply however it is not our circumstances due to I will be selling our main residence. That's the stickler point I am querying which is one of the factors on the government flow chart whether the current main residence will be sold which it will.

Pixie5740

(Text removed by MSE Forum Team)

Q) How many properties does your partner currently own?

A) 1

Q) How many properties will your partner own once you've bought your new home together?

A) 2

Q) Is 2 greater than 1?

A) Yes

Conclusion

The higher rate of SDLT will apply.

Pixie5740

The above is explained in the guidance note and if you had searched the forum you would have found a million and one (only a slight exaggeration) threads from people in your circumstances asking the exact same question.

always_sunny

Pixie5740 wrote: »

The above is explained in the guidance note and if you had searched the forum you would have found a million and one (only a slight exaggeration) threads from people in your circumstances asking the exact same question.

Absolutely, though surprise surprise all OPs have their own personal story in how their circumstances are different to avoid paying the extra money!

AdrianC

Amy8156684 wrote: »

Many thanks for your reply however it is not our circumstances due to I will be selling our main residence. That's the stickler point I am querying which is one of the factors on the government flow chart whether the current main residence will be sold which it will.

No, it's very simple. The deciding factor is not you. The deciding factor is that your partner WILL be owning an additional property.

He now owns one property.
He will own two properties.

sparky130a

The really needs to be a sticky on the SDLT subject.

Just so the board doesn't clogged with the same question again and again...

lovinituk

Amy8156684 wrote: »

Many thanks for your reply however it is not our circumstances due to I will be selling our main residence. That's the stickler point I am querying which is one of the factors on the government flow chart whether the current main residence will be sold which it will.

Buy the new house in just your name and you will avoid the additional stamp duty. Otherwise, as above, your partner will be buying an additional property so you will have to pay it.

Harryp_24

sparky130a wrote: »

The really needs to be a sticky on the SDLT subject.

Just so the board doesn't clogged with the same question again and again...

it wont stop it, they're not here for clarification, there here hoping someone will give a reason for not paying it. They know they have to pay it, they just dont want to.

sparky130a

Harryp_24 wrote: »

it wont stop it, they're not here for clarification, there here hoping someone will give a reason for not paying it. They know they have to pay it, they just dont want to.

This is probably very true.

Still, it would give a stonewall reference to render most of these repetitive threads dead.