My wife and I are in the process of a 'friendly' divorce. We jointly own two properties, one being our private residence with a market value of £420,000 and on which there is a mortgage of £180,000. The other property is rented out and worth £220.000. We have agreed that I will retain the private residence, with my wife being released from the mortgage. My wife will take the property at present rented out and I will also make a payment to her of £20,000.
Will the above give rise to stamp duty? If it does can it be avoided, I read somewhere that stamp duty is calculated by reference to consideration rather than actual worth, so if we both gifted the other our interest in the property not being retained, would that avoid stamp duty
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