Stamp Duty - Joint Tenants

BBQBossTO

Hi, I'm sure an easy question for somebody to answer...

Suppose my girlfriend and I want to purchase a £500,000 house as "Joint Tenants" i.e. 50/50 share. Neither of us owns any other property.

I presume that, for the calculation of stamp duty, we both have a £250,000 SDLT allowance, therefore, there's zero SDLT for either of us to pay?  Of course, I'm totally prepared for my presumption to be incorrect )

Thank you

Clive_Woody

Pretty sure it's calculated on value of the property, not your share of the property. But nice try 

Brie

Def calculated on the whole value not on the individual shares.

p00hsticks

BBQBossTO said:

Hi, I'm sure an easy question for somebody to answer...

Suppose my girlfriend and I want to purchase a £500,000 house as "Joint Tenants" i.e. 50/50 share. Neither of us owns any other property.

I presume that, for the calculation of stamp duty, we both have a £250,000 SDLT allowance, therefore, there's zero SDLT for either of us to pay?  Of course, I'm totally prepared for my presumption to be incorrect )

Thank you

As Clivewoody says, it's not a personal allowance, it's based on the value of the property. 
If you are both first time buyers then you'd pay 5% on the portion over £425k, otherwise 5% on the portion over £250k 
Stamp Duty Land Tax: Residential property rates - GOV.UK (www.gov.uk)

BBQBossTO

Clive_Woody said:

Pretty sure it's calculated on value of the property, not your share of the property. But nice try 

Hopeful thinking on my part then ( In my head it would make sense as in another scenario my girlfriend and I could buy separate £250,000 homes and pay zero SDLT...

BBQBossTO

p00hsticks said:

BBQBossTO said:

Hi, I'm sure an easy question for somebody to answer...

Suppose my girlfriend and I want to purchase a £500,000 house as "Joint Tenants" i.e. 50/50 share. Neither of us owns any other property.

I presume that, for the calculation of stamp duty, we both have a £250,000 SDLT allowance, therefore, there's zero SDLT for either of us to pay?  Of course, I'm totally prepared for my presumption to be incorrect )

Thank you

As Clivewoody says, it's not a personal allowance, it's based on the value of the property. 
If you are both first time buyers then you'd pay 5% on the portion over £425k, otherwise 5% on the portion over £250k 
Stamp Duty Land Tax: Residential property rates - GOV.UK (www.gov.uk)

Hi,

In this scenario, let's say only my girlfriend is a first time buyer whereas I would not be...how would that work out? Thank you 

p00hsticks

BBQBossTO said:

p00hsticks said:

BBQBossTO said:

Hi, I'm sure an easy question for somebody to answer...

Suppose my girlfriend and I want to purchase a £500,000 house as "Joint Tenants" i.e. 50/50 share. Neither of us owns any other property.

I presume that, for the calculation of stamp duty, we both have a £250,000 SDLT allowance, therefore, there's zero SDLT for either of us to pay?  Of course, I'm totally prepared for my presumption to be incorrect )

Thank you

As Clivewoody says, it's not a personal allowance, it's based on the value of the property. 
If you are both first time buyers then you'd pay 5% on the portion over £425k, otherwise 5% on the portion over £250k 
Stamp Duty Land Tax: Residential property rates - GOV.UK (www.gov.uk)

Hi,

In this scenario, let's say only my girlfriend is a first time buyer whereas I would not be...how would that work out? Thank you 

I'm afraid you'd both have to be first time buyers to get the additional FTB relief - so you'd be looking at paying 5% SDLT on the amount over £250,000