Stamp Duty and Staircasing
Posted: Tue Sep 11, 2018 5:57 pm
HI hoping someone can help shed some light...
We bought our 35% share of property in 2015, Total market value at the time £250,000. Our share was £87,500.
We now wish to do one staircasing transaction to take us to 100% ownership. The property is now worth £290,000, so our purchase price will be £188,500.
Does our original Transaction count as linked? Our solicitor has calculated our SDLT and it is way above what we were expecting, as he is treating these as linked. However we were under the impression that we are not charged tax on this initial transaction as it took place after 1st March 2008.
Can anyone clarify on the above or provide me with a correct Stamp Duty Calculation?
Thank you in advance for your help
We bought our 35% share of property in 2015, Total market value at the time £250,000. Our share was £87,500.
We now wish to do one staircasing transaction to take us to 100% ownership. The property is now worth £290,000, so our purchase price will be £188,500.
Does our original Transaction count as linked? Our solicitor has calculated our SDLT and it is way above what we were expecting, as he is treating these as linked. However we were under the impression that we are not charged tax on this initial transaction as it took place after 1st March 2008.
Can anyone clarify on the above or provide me with a correct Stamp Duty Calculation?
Thank you in advance for your help