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Where Taxpayers and Advisers Meet

Buying a 2nd home with OH - tax implications

maria100luisa
Posts:8
Joined:Tue May 22, 2012 6:37 pm
Buying a 2nd home with OH - tax implications

Postby maria100luisa » Tue Apr 05, 2022 9:52 pm

Hello, would really appreciate advice about potentially buying a second home with my partner, I am a homeowner and thinking about not selling my home so it would be an additional property.

Partner doesn't own any other property so I was wondering if I nominate my current property as my main residence and own 0% on the deeds of the new jointly owned property, would it be possible to avoid the extra stamp duty with it being a second home and upon selling would we be able to avoid the CGT or is that wishful thinking?

Assuming there is no way to avoid the stamp duty or CGT, if we sell the jointly owned property and buy another do I need to pay the extra stamp duty a second time?

If I sell my property before 3 years can we claim back extra stamp duty?

What would happen if I change my main residence to the new family home at some point in the future and assuming we can't avoid CGT ? Do they work out capital gains pro rata upon selling? And how is the valuation done on the second property if it is later turned into a main residence since it will likely be worth less at this point as opposed to when it is sold in future.

Thank you for any help

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