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Stamp duty on 2nd property
Comments
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Agree that I need to pay the higher rate but if I remove my name from the title deeds from my first property, then will I still be subject to the higher rate?
SDLT Geek already answered this. It's not enough to simply remove your name from the deeds to avoid the higher rate of SDLT.Taking your name off the title of the current property does not help if you remain the beneficial owner of the property. The SDLT rules "look through" to the underlying ownership.
There is not another property you have lived in and sold within the last three years? That might mean that the extra 3% is not due. You will find the rules explained in HMRC's Manual at SDLTM09800.0 -
If there was an easy way round it then everyone would be doing it.
You own a house, now in a fortunate position to buy a second. Pay the extra SDLT. It’s that simple.0 -
You are currently 50% owner of one property. Let's say that property is worth £200k.
You are buying a second property as 100% owner. Let's say that property is also worth £200k.
You are willing to give £100k of asset away to avoid £6k in tax...?0
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