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  • Tax

    Stamp duty - adding spouse to the portfolio?

    Morning All

    i have two buy two lets on my sole name

    1x hmo and 1x single let, with new tax changes to the property market am looking add my wife's name on to both properties in joint tenants, am 40% tax payer and she has no income at all..

    both properties have mortgage on   Hmo £145.000 and single let £160.000

    question is

    would my wife be liable of paying stamp duty..??

    regards

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    0

    Yes but minimal. She will be taking on 50% of the combined mortgage amount. That is the amount subject to sdlt so £550.Or £275 if you claim multiple dwelling relief.

    You could give her a % less than 50% (tenants in common). Under the default provisions she would be taxed on 50% of the income anyway.

    Deb

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA


    many thanks Debbie

    i forgot to mention that i have my name on a joint residential property i bought with my brother a few years back..

    so that makes my spouse a home owner  through me..

    so she is not considered as 1st time buyer on either of the above properties..

    regards

    0
    0

    It doesn't matter as it is a transaction between spouses.

    Changed in the last budget


    Deb

    0
    0

    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA