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SDLT - Separation Agreement / Additional Property
Me and my husband are separated and not living together. We have a Separation Agreement in place re the marital home, which I am taking on as sole ownership and taking over the mortgage. He is gifting his share of equity in the property. The Separation Agreement I understand qualifies for Sch 3 Exemption. However we jointly own a 2nd property which is rented out - and we will continue to do so equally. Is this property taken into account for the SDLT purposes in the transfer of equity/ownership on the marital home?
Comments
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Who's names at what % did/does te property deeds cay, please?? All properties please.
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If the Schedule 3 exemption for SDLT applies, then it exempts the transaction as a whole, whether it would have otherwise been a higher rates transaction (because of an additional property) or a standard rates transaction.
I suggest the focus should be on whether the Finance Act 2003 Schedule 3 paragraph 3 exemption applies. Having a separation agreement on its own is unlikely to be enough. The agreement might need to be "in contemplation of" the dissolution of the marriage.
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