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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have been married for 13 years. But our current house is

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I have been married for 13 years. But our current house is in my husband's name because when we moved I was self employed and my incomes couldn't be considered for the mortgage. We are now remortgaging in our joint names and have to get the house in both our names too. We've just found out we may have to pay stamp duty again due to this. The house is worth approx £450,000 and the mortgage is for £130,000. Is stamp duty due? If so how much would it be?
Submitted: 11 months ago.
Category: Tax
Expert:  TonyTax replied 11 months ago.

Hi.

Can you tell me if the £130,000 mortgage will be the only mortgage on the house and that you don't own another property.

Customer: replied 11 months ago.
It will be the only mortgage on the house and we don't own any other properties.Thanks
Expert:  TonyTax replied 11 months ago.

Thanks.

You have taken on responsibility for half the mortgage and your name is ***** ***** to the title deeds of the property. The "cash" transaction which triggers stamp duty is the mortgage. However, as half the mortgage is less than the £125,000 at which stamp duty starts, you should have none to pay. Take a look here for more information.

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

Customer: replied 11 months ago.
Thanks. That's the page we read and figured that it shouldn't be due because half the mortgage is less than £125,000 but we weren't sure we read that right because it seems odd that stamp duty is on the debt and not the equity!
Expert:  TonyTax replied 11 months ago.

If you had paid a sum of cash for your share of the equity, that would be taken into account as one of the examples shows.

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