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bigduckontax, Accountant
Category: Tax
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Good Evening. Just looking . Looking to buy my first

Resolved Question:

Good Evening.
Just looking for advise. Looking to buy my first home with my new wife, but my father gifted 50% of the family home to me for security. where do i stand on stamp duty charges cause it looks like to HMRC that i own 2 homes
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Which you have, two homes I mean. I am sorry to have to tell you that the rules are quite clear. This new purchase is a second home and the 3% surcharge will apply to the Stamp Duty Land Tax. I am so sorry to have to rain on your parade.
Customer: replied 1 year ago.
Thank you for your reply i was just wondering as the banks couldnt give me a clear answer even tho i qualify for a first time buyer mortgage
Customer: replied 1 year ago.
1st home is the family home which i am named on as joint owners with my father (gifted) and i want to buy my first home with my wife. Sorry i was not clear at the beginning
Expert:  bigduckontax replied 1 year ago.
The mortgage is irrelevant regarding the SDLT on purchase. No I sussed that one out, but it still doesn't make any difference to the SDLT surcharge. Plese be so kind as to rate me before you leave the Just Answer site.
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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