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Avoiding stamp duty
trollydollie
Posts: 1 Newbie
in Cutting tax
my property is worth £500k and outstanding mortgage is £280k. I am adding my partner to mortgage with a declaration on trust 90/10% split. Will we have to pay STLD when we complete the remortgage. He has not financial interest in property but will start to help pay towards it when we complete.
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Comments
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I assume you mean that you are giving 10% of the beneficial interest in the property to your partner, and as a result of this, he will be treated as owing 10% of the mortgage. You are making a gift worth £50,000 for a consideration of £28,000. There would be no stamp duty on this transaction even if you are not married or in a civil partnership, assuming my understanding is correct. If the property is your main residence, there would be no capital gains tax either (there could be if it wasn't, and you are not married or in a civil partnership).1
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