Four siblings (A/B/C/D) jointly own a residential property circa £800k as beneficial tenants in common. (A) is selling out his beneficial interest to the other three. Each of the three pays £67k.
(B) has another property. If B/C/D buy in a single transaction, all three are subject to the additional 3% as joint purchasers (Sch 4ZA para 2).
If B/C/D stagger their purchases - each buying 1/12th over successive days/weeks, it may not be caught by this. Only equitable interests are changing hands, not legal title, so it is easy to split into three separate transactions.
I fear/suspect all three may be subject to the 3% anyway because either:
(a) the transactions form a series of transactions (in a non-technical sense) so should be treated as a single transaction with joint purchasers;
(b) they are linked transactions in the technical sense (they are) although I cannot find any provision that means the purchasers therefore share the "tainting" for Sch 4ZA purposes;
(c) some other provision such as s.75A, Ramsey or some other legislation applies; or
(d) general paranoia that the legislation should allow this.
I can't find anything definitive which leads me to the possibility that my paranoia is wrong and three separate transactions would be fine. They would still be linked transactions so the sums could be tricky with B paying higher SDLT and C/D paying less but I think there is a solution for this.
Anybody want to tell me this works (or doesn't)?
Incredible that SDLT is so hard for what is really a fairly straightforward transaction.