How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask taxadvisor.uk Your Own Question

taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4803
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

I am buying a house in my name only with mortgage in my name

Resolved Question:

Hi, I am buying a house in my name only with mortgage in my name only. It will be my only property, I currently rent. My wife inherited a quarter of her family home from her father (her mum still lives there) worth roughly 30 thousand. Will I have to pay the second home stamp duty?
Thanks
Nick
Submitted: 7 months ago.
Category: Tax
Customer: replied 7 months ago.
We are living in the same rented accommodation
Customer: replied 7 months ago.
her name was put on the deeds in 2012
Expert:  taxadvisor.uk replied 7 months ago.

Thank you for your question.

As this is going to be your first residential property in your name, you would be living in and it would not be a second or investment property, you would not have to pay the second home stamp duty..

More information on this can be found here

https://www.stampdutycalculator.org.uk/stamp-duty-second-homes.htm

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 7 months ago.
Thanks very much, could you comment on the fact I am married? I read somewhere you are treated as a single "entity" or does this definitely not apply?
Expert:  taxadvisor.uk replied 7 months ago.

Thank you for your reply..

This is relevant to your case

Property ownership

Married couples & civil partnerships

For the purpose of property ownership, married couples and civil partnerships are seen as one unit. This means that if one person already owns a property, any subsequent residential purchase by either person will be seen as an additional property for both individuals.

Married couples living separately, who are separated in circumstances that are likely to be permanent, will now be treated individually and not as one unit.

Inherited property

Stamp Duty does not apply to inhertited property so there is no SDLT to pay. If someone who has inherited a property then goes on to purchase another home this could be counted as an additional property.

If however someone has inherited a small share (50% or less) in a single property within 36 months prior to purchasing a new property, they should not be liable for the higher SDLT rate.

This exemption has been introduced to provide flexibility for purchasers who may find it difficult to dispose of a share in an inherited property.

You say her name was added to the deeds in 2012 (more than 36 months prior to purchasing a new property), this changes the scenario..

Having considered both aforementioned points, it appears you would be liable to additional 3% stamp duty. I am sorry if this is not what you expected.

Please only rate my answer if it is acceptable.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4803
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 7 months ago.

I thank you for accepting my answer.

Best wishes.

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions