By Guest on 22nd Jan 2016

    does tax have to be paid when equity is transfer and how much?

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    By Guest on 23/01/2016

    Stamp duty land tax will have to be paid on the actual consideration (I.e. money or money's worth) that pssses between the parties at the same rates as for a purchase, for example if one person owns a property and he transfers it to the joint names of himself and and another then duty is calculated on the amount of money if any paid by the incoming owner to him plus half of any existing mortgage debt (whether or not this is paid off as part of the transfer). So if the new owner pays £100,000 and there is a mortgage of £100,000 then duty will be paid on £150,000 so that would be £500 (£125,000 at 0% and 25000 at 2%)

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