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  • Tax

    Stamp Duty

    I am refinancing my current residential property (solely on my name) and want to add my wife's name with 95 % shares allocated to her on the new Mortgage(BTL). My wife does own a 10 percent share with me in another property.Will she be liable for extra stamp duty (Higher Rates)as she just owns 10 percent currently .And if she does ,will the extra stamp duty depend on the percentage of equity I transfer ?

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    Hi

    The extra 3% no long applies to transactions between spouses. The normal rates should be applied to the proportion of the mortgage debt you are transferring to her.

    Debbie

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA


    I am getting different figures from various solicitors.Would yo be able to quote me the exact stamp duty on a balance of £240,000 when I am giving away 95% to my wife.

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    Yes

    £240,000 mortgage x 95% = £228,000.

    SDLT = £228,000 - £125,000 = £103,000 x 2% = £2,060

    Deb

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA


    Thanks Debbie, from your calculation what I have understood is that for first 125,000 there is no charge despite of the fact that she owns 10 percent with me on another BTL .

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    Debbie would you mind if I can quote the above to my solicitors along with  your company name?

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    I have been unable to convince your Solicitor I'm afraid!

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA

    Yes unfortunately he is still convinced  that his figures  are correct and because the funds coming from this re mortgage are financing my next property so I cant delay it anymore otherwise I will loose my next deal.

    Is there any suggestion on re claiming if an over payment has been done.

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    Yes you can amend but you would need to appoint another Solicitor

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA

    Debbie, Would  you be able to recommend any solicitor firm ( who agrees with your calculation)  for an amendment once my transaction is complete through existing conveyancer.

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    Have asked a contact of mine and will send you his details once he has replied.

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA