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Can't work out if I need to pay the higher rate SDLT
Comments
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As part of the separation agreement I'm receiving a cash settlement from the equity so I don't know if that would count as me selling it as AnotherJoe points out.
Sorry, I'm new to all this!0 -
AnotherJoe wrote: »OP says he is being "taken off the title deeds".
This implies, he is giving it away.
Seems to me there's a possibility that if ex wife pays him something for it, even £1, then since he is selling his previous residence, he is OK.
The title deeds are a red herring. The OP hasn't lived in the property since October 2016 so I don't think it counts as his main residence.
In terms of the ADS they are no longer treated as a married couple.The above provisions do not apply where the buyer and the buyer's spouse or civil partner have separated. Parties will be considered to have separated where they no longer live together and they do not intend to live together again.
https://www.revenue.scot/land-buildings-transaction-tax/guidance/lbtt-legislation-guidance/lbtt10001-lbtt-additional-dwell-18
Meaning the marital home wouldn't pass the only or main residence test for the OP.
https://www.revenue.scot/land-buildings-transaction-tax/guidance/lbtt-legislation-guidance/lbtt10001-lbtt-additional-dwell-160 -
I meant had you separated and moved out of the ex marital home within the last 18 monthsFruitloop80 wrote: »Yes 00ec25 my rental agreement is a short assured tenancy agreement.
I've had a look on the gov.uk website but can't find any reference to the 18 month time limit. Do you mean you need to be separated for at least 18 months to be exempt from the additional stamp duty or purchase your new main residence within 18 months?
you have now clarified that it is more than 18 months, so your stay in rental accommodation is no longer relevant as you are outside the window of opportunity in which to claim you are replacing your old home as part of a separation agreement. Had you still been in time, your removal of your share by transfer to her would be classed as a "disposal" - even in Scotland disposal means the same as for us: sell, gift, or otherwise transfer ownership.
Therefore, as that is no longer the case, the ADS rate applies.0
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