Marriage breakdown and stamp duty

[shardman44@ntlworld.]

My husband has decided to leave the family home. We are not going to get a divorse at the moment. We have a house which is mortgaged in both our names. My husband is going to let me have sole ownership of the house and I will therefore be liable for the morgage. I have heard that I will have to pay stamp duty. My question is this: Is stamp duty payable on the morgage or the value of the house? I would also like to know if stamp duty has to be paid at all. It isnt on divorse so why is it on seperation?

[Ian McTernan CTA]

The transfer of value will be the mortgage value transferred for stamp duty land tax purposes (I am not an expert in this area), and stamp duty will be applied to this value. Your solicitor acting should be able to advise.

Ian McTernan CTA
McTernan Associates Ltd
Chartered Taxation Advisers
ian@imcternan.com

[Jessica Cadman]

I am in a similar situation and have called the stamp duty advice line 08456030135 they have told me that in a seperation rather than divorce ( in divorce you are exempt from stamp duty with a court order) you can fill out form SDLT60 which exempts you from stamp duty due to seperation. You can download this from their website.

[shardman44@ntlworld.]

Thanks Jessica for your reply. You are indeed correct and have just read this in the Finance Act 2003. Out of interest I am being charged 400 pounds by a solicitor to put the house into my name only are there any cheaper options?