banjodeano   26 #1 Posted April 21, 2017 I am planning on selling my house and buying another one jointly with my partner, but i have just been told that because she already has her own house, then she will be taxed heavily if we purchase another, about 6k, is there any legal way round this? Thanks Share this post Link to post Share on other sites Share this content via...
Danny_Boy   10 #2 Posted April 21, 2017 I am planning on selling my house and buying another one jointly with my partner, but i have just been told that because she already has her own house, then she will be taxed heavily if we purchase another, about 6k, is there any legal way round this? Thanks  You're talking about second home stamp duty land tax. Which is +3% on top of normal SDLT. There is no legal way round it as far as know, if your partner currently owns an interest in a U.K. property and she buys another she will be liable.  If you are moving home and selling your residence and buying a new residence you're exempt and I believe if your partner sells the property in the back ground within a certain time period I believe she will be due a refund on the additional stamp duty.  Best bet is to call a conveyancing solicitor for a chat and gain a full understanding. Share this post Link to post Share on other sites Share this content via...
mafya   220 #3 Posted April 21, 2017 Depends how you are buying it, if you have the money yourself then nothing stopping you buying it alone and then adding your partner to the deeds at a later date. Share this post Link to post Share on other sites Share this content via...
banjodeano   26 #4 Posted April 21, 2017 Depends how you are buying it, if you have the money yourself then nothing stopping you buying it alone and then adding your partner to the deeds at a later date.  thanks for the replies guys... No, i am paying half towards the new house, and my partner was going to pay some cash and take a small mortgage in her name only, and she was hoping to rent her own house out would it be illegal for her to sell her own house to a member of her family? Share this post Link to post Share on other sites Share this content via...
Danny_Boy   10 #5 Posted April 21, 2017 thanks for the replies guys... No, i am paying half towards the new house, and my partner was going to pay some cash and take a small mortgage in her name only, and she was hoping to rent her own house out would it be illegal for her to sell her own house to a member of her family?  You definitely need to speak to an accountant as you need tax avoidance advice. Share this post Link to post Share on other sites Share this content via...
banjodeano   26 #6 Posted April 21, 2017 You definitely need to speak to an accountant as you need tax avoidance advice.  Thanks Danny, i will tell her Share this post Link to post Share on other sites Share this content via...
Danny_Boy   10 #7 Posted April 21, 2017 Thanks Danny, i will tell her  No problem, I hope you find a way around it. Share this post Link to post Share on other sites Share this content via...
ttparsons   10 #8 Posted April 22, 2017 Find the detailed guidance here. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/570876/SDLT_Higher_rates_for_additional_properties.pdf. Page 14 indicates you pay the higher rate if either of you retain another property. However, if your partner's house is her main residence and the house you buy together becomes her main residence, and she sells her former residence within 36 months, the 3% additional stamp duty can be claimed back at that point. Make sure you keep the paperwork necessary to claim it back within 3 months of the sale. Share this post Link to post Share on other sites Share this content via...
banjodeano   26 #9 Posted April 22, 2017 Find the detailed guidance here. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/570876/SDLT_Higher_rates_for_additional_properties.pdf. Page 14 indicates you pay the higher rate if either of you retain another property. However, if your partner's house is her main residence and the house you buy together becomes her main residence, and she sells her former residence within 36 months, the 3% additional stamp duty can be claimed back at that point. Make sure you keep the paperwork necessary to claim it back within 3 months of the sale. Thanks, thats a good point Share this post Link to post Share on other sites Share this content via...