Hi Guys
Wondering if you can help
Me, my brother and my mum own a property that we live in as our main residence. We had a mortgage under my name and my brother's name but the mortgage has now been fully paid.
My brother has brought another property and it has been around 2 years since purchase. He has been living there as main residence for around 1.5 year and wants to claim back on the stamp duty he has paid on that property as this will now be his main residence going forward.
I am looking to also move out
Me and my brother would both like to transfer our value of the property over to our mum. I understand this will have stamp duty implications on my mum. Please can you confirm the calculations are correct assuming our property is worth £500k.
500,000 divided by 3 people = £166,667 per person
Stamp Duty my mum has to pay for the transfer = £1,666
Mine: £166,667 less £125,000 = £41,667 x 2% = £833
My Brother : £166,667 less £125,000 = £41,667 x 2% = £833
Thanks
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch