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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: 11 months ago.
Category: Tax
Expert:  bigduckontax replied 11 months 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 11 months 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 11 months 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 11 months 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.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3360
Experience: FCCA FCMA CGMA ACIS
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 11 months ago.
Thank you for your support.

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