Stamp Duty Experts
Discussion
Afternoon,
Could i ask what we should expect to pay ?
My wife and i are separated not yet divorced but that is going through.
As part of the settlement she has 3 buy to let properties, two are currently rented out and she is currently living in the third.
The plan at the moment is that she will keep all three as rentals and is going to buy a new house to be her main residence.
I am being told that she will be liable for 3% stamp duty on the new home - fair enough but also liable on the three buy to lets as well, which seems odd based on the fact that she is not buying them.
The three BTL are in joint names at the moment but will revert to her as part of the financial settlement, so there is a transfer of ownership but not a purchase.
She also ended up with main residence but in true Petrol heads style i kept the car !!!
thanks
Could i ask what we should expect to pay ?
My wife and i are separated not yet divorced but that is going through.
As part of the settlement she has 3 buy to let properties, two are currently rented out and she is currently living in the third.
The plan at the moment is that she will keep all three as rentals and is going to buy a new house to be her main residence.
I am being told that she will be liable for 3% stamp duty on the new home - fair enough but also liable on the three buy to lets as well, which seems odd based on the fact that she is not buying them.
The three BTL are in joint names at the moment but will revert to her as part of the financial settlement, so there is a transfer of ownership but not a purchase.
She also ended up with main residence but in true Petrol heads style i kept the car !!!
thanks
The advice from the website below states that you can get Stamp Duty relief because the transaction is part of a divorce settlement. Definitely worth having a chat with your solicitor or tax accountant about this.
https://www.taxcafe.co.uk/resources/stampdutytrap....
Divorce
Although there are generally no stamp duty concessions for married couples, the situation is different where a couple are divorcing, dissolving a civil partnership or splitting up and wish to transfer the property from their joint names into the name of one partner.
Where such a transaction comes about in pursuance of a court order or an agreement between the parties in connection with divorce, nullity of marriage, judicial separation, or the dissolution of a civil partnership it is exempt from stamp duty land tax. As a relief is being claimed, a land transaction return will be required.
https://www.taxcafe.co.uk/resources/stampdutytrap....
Divorce
Although there are generally no stamp duty concessions for married couples, the situation is different where a couple are divorcing, dissolving a civil partnership or splitting up and wish to transfer the property from their joint names into the name of one partner.
Where such a transaction comes about in pursuance of a court order or an agreement between the parties in connection with divorce, nullity of marriage, judicial separation, or the dissolution of a civil partnership it is exempt from stamp duty land tax. As a relief is being claimed, a land transaction return will be required.
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