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Stamp Duty - Property bought by a couple, one of which is FTB

Aj_newbie
Posts: 69 Forumite

Hello Everyone!
2022
I own a property.
My spouse doesn't own any property.
2023
We buy a property together. And pay stamp duty, as per 'additional property' rates.
House price 500,000
What we paid as Stamp Duty - 27,500
However, given that only I own a property in addition to the house we bought in 2023, and my spouse is first time buyer for this property, what is the law around this?
In an ideal world (favourable to me), 50% of the house price is considered for 'additional property' rate, where as 50% is considered for 'new buyer' rate.
But if we divide the house price into two, and divide the threshold as well into two -
Stamp duty for my share - 13,750
Stamp duty for my spouse's share - 1875
Total Stamp Duty : 15,625
What does the law state?
Many Thanks in Advance,
Aj
2022
I own a property.
My spouse doesn't own any property.
2023
We buy a property together. And pay stamp duty, as per 'additional property' rates.
House price 500,000
What we paid as Stamp Duty - 27,500
However, given that only I own a property in addition to the house we bought in 2023, and my spouse is first time buyer for this property, what is the law around this?
In an ideal world (favourable to me), 50% of the house price is considered for 'additional property' rate, where as 50% is considered for 'new buyer' rate.
But if we divide the house price into two, and divide the threshold as well into two -
Stamp duty for my share - 13,750
Stamp duty for my spouse's share - 1875
Total Stamp Duty : 15,625
What does the law state?
Many Thanks in Advance,
Aj
0
Comments
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Aj_newbie said:
In an ideal world (favourable to me), 50% of the house price is considered for 'additional property' rate, where as 50% is considered for 'new buyer' rate. I do not find any info regarding this on gov website.
The rules are explained quite clearly here:
https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property
in particular:If you’re married or in a civil partnership
The rules apply to you both as if you were buying the property together, even if you’re not.
If either of you individually have to pay the higher rates, you must pay the higher rates for the transaction as a whole (unless you’re permanently separated).
5 -
Aj_newbie said:I own a property.
My spouse doesn't own any property.
What does the law state?
Every generation blames the one before...
Mike + The Mechanics - The Living Years3 -
Only way round it would be if you weren’t married and you weren’t going on the deeds of the property ie single proprietor, 2 borrower situation. Sometimes used by parents helping their offspring get a mortgage by going on the mortgage but not the property. Obvious risks to your security in doing this.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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Aj_newbie said:Hello Everyone!
2022
I own a property.
My spouse doesn't own any property.
2023
We buy a property together. And pay stamp duty, as per 'additional property' rates.
House price 500,000
What we paid as Stamp Duty - 27,500
However, given that only I own a property in addition to the house we bought in 2023, and my spouse is first time buyer for this property, what is the law around this?
In an ideal world (favourable to me), 50% of the house price is considered for 'additional property' rate, where as 50% is considered for 'new buyer' rate.
But if we divide the house price into two, and divide the threshold as well into two -
Stamp duty for my share - 13,750
Stamp duty for my spouse's share - 1875
Total Stamp Duty : 15,625
What does the law state?
Many Thanks in Advance,
Aj
Joke, of course, but this is just one of those anachronisms that directly impacts peoples finances.2 -
Thanks everyone for your inputs. Really appreciate.
About rental income from the property in my name, whhch my spouse isnt a partner in, I have to pay full tax on the profit, profit cannot be divided.
The law seems unfair to me, with my limited knowledge.
For saving tax, we do not get benefit of being married.
For paying tax, we are ripped off because we are married.0 -
Aj_newbie said:For paying tax, we are ripped off because we are married.
Every generation blames the one before...
Mike + The Mechanics - The Living Years3 -
MobileSaver said:Aj_newbie said:For paying tax, we are ripped off because we are married.
Plus bear in mind the tax advantages which married couples do have e.g. full relief on Inheritance Tax.2 -
Thanks, makes much sense now.
And definitely make me feel better.
Thank you folks. Have a nice weekend.2
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