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Stamp duty on new home when owning a BTL
Luciasc
Posts: 20 Forumite
Hi,
My partner and I are planning on purchasing a house soon after selling our main residential property.
However, he owns a third of a BTL house in N.Ireland that was inherited from his late mother. He shares it with his two siblings.
Does this mean for the purposes of stamp duty that we have to pay the extra!? If so, we are stuffed! The house in N.Ireland is worth pittance and the rent is less than £1,400 per annum each. The increase in stamp duty could totally scupper our plans.
My partner and I are planning on purchasing a house soon after selling our main residential property.
However, he owns a third of a BTL house in N.Ireland that was inherited from his late mother. He shares it with his two siblings.
Does this mean for the purposes of stamp duty that we have to pay the extra!? If so, we are stuffed! The house in N.Ireland is worth pittance and the rent is less than £1,400 per annum each. The increase in stamp duty could totally scupper our plans.
0
Comments
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How much is a third of a pittance worth? If less than £40k then it can be ignored.0
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Its valued at approx. £65k. Thank you - that's put my mind at rest!0
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and today's SDLT question is the xth repeat of the same issue....
- is "partner" an owner of the property you have just sold?
if yes then your new main home purchase is a replacement of your old main home. the rest of the answer is explained in the guide: https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property0 -
We have our own jointly owned home which we are selling to move to our new home. So yes, I know that would be discounted as we are replacing our main residence. The BTL inherited property in Ireland is in his name and his bro and sis.
Sorry for the repeat but I found it hard to find an answer elsewhere!0 -
then the position is as clearly explained in the 3rd para of the .gov link above "If you replace your main home"We have our own jointly owned home which we are selling to move to our new home. So yes, I know that would be discounted as we are replacing our main residence. The BTL inherited property in Ireland is in his name and his bro and sis.
Sorry for the repeat but I found it hard to find an answer elsewhere!
replacement of the main home by another main home does not trigger the higher rate no matter how many other properties you, he, or you both, already and continue to own
the inherited property is irrelevant in your context. the reason you are exempt the higher rate is the replacement rule, not the minority share rule.0
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