To transfer of not to transfer

by **manser78** on Thu Jul 07, 2011 6:09 pm

Before I married my wife she had invested in two properties the one she lived in and one she rented out, although both properties and mortgages are in her name. I Have not purchased a property in my name.
so the questions i'd like to ask are firstly if i'm married to someone with property and I buy a house in my name for the first time would I still be exempt from stamp duty if it where below the threshhold?
secondly if my wife where to transfer the property that we rent into my name would i have to pay stamp duty and how would that work when it came to eventually selling it with CGT?

many thanks

Steve

by **Peter D** on Thu Jul 07, 2011 7:03 pm

No you would be exempt form SD as one of you has puchased a residencial property in the past.
Transferring a property under the interspousal rules may have a SD issue depending on the mortgage situation of the property. Be aware that transferring the property in which she used to live will cause any PPR and Letting relief to vanish. It is not clear where you live now. Regards Peter

by **Peter D** on Thu Jul 07, 2011 7:04 pm

Typo. No you would not be exempt from SD as one of you has purchased . Regards Peter

by **manser78** on Thu Jul 07, 2011 7:14 pm

Sorry Peter,

Just to clarify, We now live in her first property and remain renting the second which was bought when we where together but not married. I

Steve

by **section 44** on Fri Jul 08, 2011 10:25 am

As per the OP, his wife solely owns property, he has never owned property and he is enquiring whether first time buyer's stamp duty land tax relief would be available to him if he was to solely buy property.

Yes, in such circumstances, the relief would be available to you. The OP has not asked about buying property jointly with his wife.

by **Peter D** on Fri Jul 08, 2011 10:57 am

Yes if the OP buys it solely in his name and intends to make it their only main residence then you are right he can claim the relief. However if this is not the case, eg. he is going to rent it out, then the releif is not available.
http://www.hmrc.gov.uk/sdlt/calculate/reliefs-exemptions.htm#15
details this. Regards Peter