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Stamp Duty Higher Rates
Clo_B
Posts: 2 Newbie
My Partner (P) and I are buying our first home together. P has an inherited (over 3 years ago) BTL property with his brother that is over the 40k chargeable consideration. Neither brother has ever lived in this property. P currently lives/resides at his parents where all bills, electoral role etc are based. I am in rented and am a FTB (I'm aware this doesn't apply because of P's status). We think we will meet all the conditions in the HMRC higher rate section. But we keep coming back to the main residence bit - the BTL has never been resided in as a main residence. Can anyone confirm if this matters or as I suspect the Higher Rate of Stamp Duty applies to our joint purchase please?
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Comments
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Higher rate will apply as you are buying a 2nd property and not disposing of a main residence.BTL property with his brother that is over the 40kIs that £40K for the property or £40K for each brother's share?
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The main residence is a red herring. Neither of you, for the purposes of SDLT, are replacing your main residence i.e. you are not selling your current main residence to purchase a new main residence.Clo_B said:My Partner (P) and I are buying our first home together. P has an inherited (over 3 years ago) BTL property with his brother that is over the 40k chargeable consideration. Neither brother has ever lived in this property. P currently lives/resides at his parents where all bills, electoral role etc are based. I am in rented and am a FTB (I'm aware this doesn't apply because of P's status). We think we will meet all the conditions in the HMRC higher rate section. But we keep coming back to the main residence bit - the BTL has never been resided in as a main residence. Can anyone confirm if this matters or as I suspect the Higher Rate of Stamp Duty applies to our joint purchase please?Unfortunately you are correct that due to the BTL being inherited over 3 years ago the purchase of your new home together will be a purchase of an additional residential property for your partner. If your partner’s share of the BTL property is worth £40k+ then the higher rate will apply to your purchase. The only way around this is for your partner to dispose of his share of the BTL before you purchase your new home together.3 -
Over 40k for both brother's sharespropertyrental said:Higher rate will apply as you are buying a 2nd property and not disposing of a main residence.BTL property with his brother that is over the 40kIs that £40K for the property or £40K for each brother's share?0
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