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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15916
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I haue a situation where a couple have recently married.the

Resolved Question:

i haue a situation where a couple have recently married.the wife had her PPR for ten years plus she has a buy to let.
They now want to buy a third property as a PPR.If the property is purchased in Husbands name can we avoid the extra 3% stamp duty now and then transfer half of the property to the wife say after years?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi.

I'm afraid that they will have to pay the extra stamp duty. If the wife's old PPR is sold within 18 months of the purchase of the new PPR, they may be able to claim a refund of the extra SDLT.

As you will read in Section 2.4 here, a married couple are treated as one unit for the purposes of the extra stamp duty and so buying the property in one name only won't help.

I hope this clarifies things for you but let me know if you have any further questions.

Customer: replied 1 year ago.
I thought the old PPR had to be sold within 3 years not 18 months to get the stamp duty back.Please refer me to the section of the legislation that says 18months
Expert:  TonyTax replied 1 year ago.

My apologies. I was looking at the 16 March 2016 document.

Osborne caved in yet again on another policy killing its intended effect which was designed to help people onto the property market in the March Budget, as you can read here.

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