• Stamp Duty Additional Residential Property

    By Guest on 21st Feb 2017

    My daughter has a quarter share in a house she lets to her mother. If she buys her own house is she liable for the extra 3% stamp duty?

  • 1 Answers

    By Guest on 21/02/2017

    If the value of the quarter share is more than £40,000 then yes. If she believes it is less then she would need to be able to prove (if called upon by HMRC to do so) a) the value of the share and b) the fact that she really is only entitled to a quarter share. It is possible that HMRC could investigate after completion of the purchase and submission of the return and if they find she has made a fraudulent claim, or doesn't have the evidence to support her claim, criminal charges may of course be brought. Be prepared for a battle with her conveyancer too, this is new law and interpretations (and levels of understanding) do vary from lawyer to lawyer

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