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  • Tax

    bank conveyancing solicitors are wrong?

    Hi,

    My wife and I owns a BTL property with 99:1 share (trust was created 2012). I am thinking of giving her the 1%.

    She contacted the mortgage company, and was told that she will need to pay stamp duty. However I think it is wrong according the example provided by government.

     Example 35:

    B owns a residential property which he uses as a main residence. He then purchases a property for £25,000 which he will use as a second home. The purchase price is less than £40,000 and so the higher rates will not apply.

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    Unless the outstanding mortgage amount is more than 12.5m then 1% is less than 125k so no stamp duty

    Deb

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA