I have a flat and want to buy another property, listing my husband as joint owner
Q In 2016 I bought a flat and have since married. My husband does not work due to ongoing mental health issues and he does not own any property of his own.
I want to move to a house but ideally would like to keep the flat as an investment for our son when he grows up.
Would I have to pay the full second home stamp duty if I buy the new home but list myself and my husband as joint owners?
Basically the higher stamp duty rate would be quite restrictive for me on the new property and I am wondering if there is a way around it?
AP
A No, there isn’t a way for you to avoid paying the higher rate of stamp duty land tax (SDLT) – which is the standard rate plus three percentage points – on the purchase of a second home. You are mistaken if you think that, because your husband doesn’t own any other property, he would be let off paying the higher rate of SDLT if you listed him as a joint owner on the new house. It would make no difference at all. If the higher rate of SDLT is due because either (or both) the joint purchasers has other property, the higher rate applies to the whole purchase price.
Continue reading...from Property | The Guardian https://ift.tt/2MJyOUR
via IFTTT
No comments:
Post a Comment