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SDLT - Higher Rate Payable?
London2017running
Posts: 1 Newbie
Both myself and my partner own properties in our own names from before we got together. We now want to buy a property together. She will be selling her house and we want to keep mine as a buy to let as rents are sky high in my area and more than cover the mortgage.
Obviously I will be joint owners on our new home, where do I stand with Stamp Duty as I will own 2 homes, one in my name and one jointly. Will we be liable for the higher rate on all of the purchase price or just my share, we will be holding as tennants in common to protect the shares we are each putting in. SO I will own 35% of the house so will we only need to pay the higher rate on the 35% I own??
Obviously I will be joint owners on our new home, where do I stand with Stamp Duty as I will own 2 homes, one in my name and one jointly. Will we be liable for the higher rate on all of the purchase price or just my share, we will be holding as tennants in common to protect the shares we are each putting in. SO I will own 35% of the house so will we only need to pay the higher rate on the 35% I own??
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Comments
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Myself and partner = married or not?0
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I take it you have never read the guide as your scenario is one of the basic ones explained therein ...
- joint purchase (married or not is irrelevant)
- his existing property not being sold, it is being kept and let
- her place being sold not owned by him therefore is not a replacement of his main home
- he is buying an additional property
higher rate payable on the whole purchase price. There is no his 'n her share split
https://www.gov.uk/government/publications/stamp-duty-land-tax-higher-rates-for-purchases-of-additional-residential-properties
3.42 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 individually. 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.0 -
Has this question ever been asked without the answer being "Yes, you will have to pay the extra?" If it has then it's certainly a lot rarer than the other way round!0
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has this question ever been answered without the counter question why have you not read the guide and why do you think your situation is not covered in itHas this question ever been asked without the answer being "Yes, you will have to pay the extra?" If it has then it's certainly a lot rarer than the other way round!
sadly, no0
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