Higher rate stamp duty

mn1

Hi

I share the ownership of a flat with my brother 50/50 , we bought it few years ago and we paid higher rate stamp duty since we already own a property. Both our names are on the deeds and on the mortgage agreement.
I am buying his share now , do I have to pay higher rate stamp duty on 50% of the property ? Can we just change the names on the deeds to avoid paying the stamp duty again ?

Many thanks in advance

SDLT_Geek

mn1 said:

Hi

I share the ownership of a flat with my brother 50/50 , we bought it few years ago and we paid higher rate stamp duty since we already own a property. Both our names are on the deeds and on the mortgage agreement.
I am buying his share now , do I have to pay higher rate stamp duty on 50% of the property ? Can we just change the names on the deeds to avoid paying the stamp duty again ?

Many thanks in advance

Some more information is needed to answer this.
(a)  Do you still have an interest in another property?
(b)  Have you lived throughout the last three years in the flat in which you are now buying a 50% interest.
(c)  Is the flat in England?

mn1

SDLT_Geek said:

mn1 said:

Hi

I share the ownership of a flat with my brother 50/50 , we bought it few years ago and we paid higher rate stamp duty since we already own a property. Both our names are on the deeds and on the mortgage agreement.
I am buying his share now , do I have to pay higher rate stamp duty on 50% of the property ? Can we just change the names on the deeds to avoid paying the stamp duty again ?

Many thanks in advance

Some more information is needed to answer this.
(a)  Do you still have an interest in another property?
(b)  Have you lived throughout the last three years in the flat in which you are now buying a 50% interest.
(c)  Is the flat in England?

I still own another property 

I have not lived in this flat, my brother lives in it. I live in my other property

The flat is in England 

Thank you for your help 

mattyprice4004

From my understanding, you'll still need to pay the higher rate - you'll have only paid the higher rate on your half, so makes sense you'll pay it on the half you're now buying.  

SDLT_Geek

mn1 said:

SDLT_Geek said:

mn1 said:

Hi

I share the ownership of a flat with my brother 50/50 , we bought it few years ago and we paid higher rate stamp duty since we already own a property. Both our names are on the deeds and on the mortgage agreement.
I am buying his share now , do I have to pay higher rate stamp duty on 50% of the property ? Can we just change the names on the deeds to avoid paying the stamp duty again ?

Many thanks in advance

Some more information is needed to answer this.
(a)  Do you still have an interest in another property?
(b)  Have you lived throughout the last three years in the flat in which you are now buying a 50% interest.
(c)  Is the flat in England?

I still own another property 

I have not lived in this flat, my brother lives in it. I live in my other property

The flat is in England 

Thank you for your help 

I would expect the extra 3% SDLT to apply in respect of the half share you are buying in.