I bought a property for 375K and paid SDLT on the purchase.
I transferred 98% to my wife and we paid SDLT on the transfer. (outstanding mortgage was 150K)
The remaining mortgage is now around 125K. Lets assume her 98% share is worth exactly 125K
If my wife transfers her 98% back and then I transfer it back to her a few days or weeks later would there be any extra SDLT to pay?
I know it sounds ridiculous. These transfers have absolutely nothing to do with tax.
I'm unclear how the SDLT is calculated when I "rebuy" the extra 98%.
Do I have to say original purchase price of my 2% was 7500. Plus 125000 means total of 132500 which means SDLT due? I could pay off enough of the mortgage to get this sum below 125K
Or even worse - I'm buying an additional share so that has to be added to my original 375K?
Unless it's very simple (no tax due) the legal fees plus lender fees plus accountants fees to do the calculations almost certainly mean that it's not worth considering doing this.
- 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