• Stamp Duty Question

    By Guest on 12th Jul 2019

    I jointly own a property with my brother and we both have used it as our main residence for about 8 years. I have recently purchased a new home to use as my main residence and will be keeping/not selling the jointly owned home as this will be my brothers main residence, but will I will not live there and will stay as jointly owned.

    I have asked my solicitor if I will need to pay stamp duty and they have said as the home is less than the £125,000 threshold and even though it is an additional property, I would not need to pay SDLT, however, I don't think that it is correct. Can you confirm if my solicitor is correct?

  • 1 Answers

    By Guest on 13/07/2019

    If you are buying a second home (and not selling your previous main residence) you would be a higher rate payer. You can check out the calculation here: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

    In brief, yes you would pay SDLT and at the higher rate. If your purchase is over £40,000 then an SDLT return needs to be filed. Your solicitor is in for a surprise.

    www.notaryexpress.co.uk

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