First time buyers stamp duty

Lucky_cat13

My daughter is a first time buyer. her name is on the deeds of our house. what stamp duty would she have to pay?

SDLT_Geek

Lucky_cat13 said:

My daughter is a first time buyer. her name is on the deeds of our house. what stamp duty would she have to pay?

Is your daughter looking at buying in England, so the relevant stamp duty is stamp duty land tax?  What sort of price is she looking to buy for?

You daughter would no longer be a "first time buyer" for the purposes of SDLT if she had acquired a share in a property by lifetime gift or through inheritance.

If when she buys a property she still has a share in a property worth £40,000 or more, then the extra 5% SDLT could apply to her purchase.

tetrarch

Can you reverse the assignment of name? In theory she coule just gift the house back to you (assuming that's what you did originally)

Is there any reason that she IS on the deeds of your house? The advice here and elsewhere is that is generally NOT a good idea unless your circumstances fit a very specific set of criteria

Regards

Tet

Keep_pedalling

As she owns part of your home she is not a first time buyer. Worse than that this will be classed as a second home so assuming this is England an additional 5% SDLT will need to be paid unless you buy her share out or she gifts it to you.

Does she currently live with you?

TheJP

Why is your daughter on the deeds, did she invest in the house? As others have said she isn't a first time buyer and will be subject to the tax but also the increase as its a second home she is buying which is roughly 5% on top of the tax.