I bought a property before we met, which we hope to rent out when we buy a bigger homeQ I bought a house before I met my husband. We now live in this house together but the mortgage is solely in my name. I have almost paid off the mortgage. We are looking to move to a bigger property and keep my house, so that we can rent it out. Our hope is that my husband is able to buy the new house in his name only so that we avoid paying second home stamp duty. Would this work? Or would we have to pay it, as we are considered financially intertwined now that we are married?LSA I don’t think your cunning plan will work as a way to avoid paying second home stamp duty land tax (SDLT). According to Tax Insider: “Where only one of the spouses purchases a dwelling, it is assumed (for the purposes of the 3% SDLT charge) that the other spouse is a joint purchaser (even though this is not, in fact, the case). If either (or both) of the spouses satisfies the conditions for the 3% charge to apply [by owning two properties], it applies to the whole transaction.” Continue reading…
Source : theguardian.com
Read more…Can we avoid stamp duty on a second house if my husband buys it in his name?
