Hi everyone
I got married quite recently. I owned flat A prior to getting married. My wife owned flat B prior to getting married.
Flat A is worth 320k, outstanding mortgage is 100k
Flat B is also worth 320k, outstanding mortgage is 75k
We have a baby on the way and want to buy family house C, with a budget of around 550k. We would ideally want to sell flat A, but not flat B to raise a deposit, but are unsure of the stamp duty situation. My questions are thus:
a) Can we avoid paying the higher rate of stamp duty if we sell flat A (currently in my name only), and get a mortgage with my name only on Family House C;
b) Can we put my wife’s name on flat A, then sell flat A, then buy family house C without paying higher rate stamp duty (presumably it could be in both our names then)
c) If the answer to a) and b) is no, are there any other options available to us (if it helps, I own around 80k, she earns around 55k, and we have about 50k cash available)
Many thanks
Joe
- 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