as 'joint' owner but getting divorce
we would sell current house and each buy separately
not guaranteed in an order!!
would we be subject to double stamp duty? as it might be a second home?
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stamp duty on purchase at divorce
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- Lemon Quarter
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- Lemon Slice
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Re: stamp duty on purchase at divorce
Hi mutant poodle,
I've noticed you've not had a reply and wonder whether that's because the question is not precisely phrased. For example does your comment
You might find the best starting place is the published HMRC Stamp Duty Land Tax instructions (SDLT manual. For example if you were worried about the effect of separation this would be where you would start:
https://www.gov.uk/hmrc-internal-manual ... sdltm09820
Eb.
I've noticed you've not had a reply and wonder whether that's because the question is not precisely phrased. For example does your comment
refer to a Court Order on separation or is it a typing error that means 'not in that order'. It may be helpful to reconsider the problem and re-phrase it, perhaps?not guaranteed in an order
You might find the best starting place is the published HMRC Stamp Duty Land Tax instructions (SDLT manual. For example if you were worried about the effect of separation this would be where you would start:
https://www.gov.uk/hmrc-internal-manual ... sdltm09820
Eb.
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- Lemon Quarter
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Re: stamp duty on purchase at divorce
ok
yes I meant 'not in that order'
naturally I don't know in what order events will happen
I am just interested to know if 'we' might be hit with double tax if marital house not sold first
in fairness its unlikely to change events but...……….
yes I meant 'not in that order'
naturally I don't know in what order events will happen
I am just interested to know if 'we' might be hit with double tax if marital house not sold first
in fairness its unlikely to change events but...……….
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- Lemon Half
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Re: stamp duty on purchase at divorce
You won't be a first time buyer, so unless (either of) you are buying a property for less than £125k you will be liable to Stamp Duty Land Tax as far as I am aware on your next property purchase.
However second homes are liable to a higher rate of SDLT than ordinary transactions, and it may be, reading between the lines of your enquiry, that you are concerned you will be liable to the higher rate should one of you (presumably not both) buy a new property before the original first property is sold. I don't know the exact law here, and no doubt your solicitor will advise you, but there is an exemption in place such that whilst the higher rate is charged, it can be reclaimed should the first property be sold within a time frame, which I think is 3 years.
However second homes are liable to a higher rate of SDLT than ordinary transactions, and it may be, reading between the lines of your enquiry, that you are concerned you will be liable to the higher rate should one of you (presumably not both) buy a new property before the original first property is sold. I don't know the exact law here, and no doubt your solicitor will advise you, but there is an exemption in place such that whilst the higher rate is charged, it can be reclaimed should the first property be sold within a time frame, which I think is 3 years.
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