taking a lower valued property on my property in part exchange

[johncarr@uk2.net]

I have been led to believe that if I down size taking a lower valued house in part exchange I do not pay stamp duty and the purchase only pays stamp duty on the difference. Is this true ?

[peter@lavat.co.uk]

John

I'm not a SDLT expert, but unfortunately I do not think that this is the case.

S.47 of the Finance Act 2003 states that exchanges of land are to be treated as two separate transactions for SDLT purposes. The consideration for each acquisition being the market value of the land concerned.

S.58 provides for a deemed value of zero, subject to certain conditions, to house building companies where they acquire a dwelling in part exchange for a newly constructed dwelling, but this does not seem to fit with your circumstances.

I'm not aware of any other reliefs that will help you.

Kind regards

Peter

[Donkey1]

I agree with Peters comment. I think the original advice you have was superseeded by the finance act 2003. Priod to that you could definately part swap properties and reduce the total stamp duty payable. But alsa no more exception as Peter says S.58