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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15928
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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We live in New Zealand and are about to purchase an

Customer Question

Hello.
We live in New Zealand and are about to purchase an Apartment in London. We are not sure what full stamp duty charge will be? Purchase price £440,000. Can you assist?
Regards
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi.

Assuming you own your home in New Zealand and you are keeping it, you will have to pay the 3% surcharge on the standard residential property stamp duty rates. See paragraphs 2.1 and 2.12 here.

The first £125,000 will be charged at 3%, the next £125,000 will be charged at 5% and the balance of £190,000 will be charged at 8%. Your liability will be £25,200.

I hope this helps but let me know if you have any further questions.

Customer: replied 1 year ago.
Hello and thank you for your reply. This apartment in London will be a personal purchase in my wife and my names. Our property in NZ is not owned by us, but owned by our family trust. Therefore does this mean we only own one property therefore pay lesser SDLT?
Expert:  TonyTax replied 1 year ago.

It depends on the terms of the family trust. Take a look at section 2.21 here.

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