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 bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3817
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I am selling my house that has been in my sole name and am

Customer Question

Hi, I am selling my house that has been in my sole name and am moving to another property that will continue to be in my sole name. There is no mortgage involved in the transaction.
I got married 3 years ago and my wife has 50% part ownership in her previous married name with the local council on a flat. She currently rents the flat and pays tax on the income.
I have been told by the solicitor that I will have to pay an additional stamp duty tax taking the cost up by £10,000 . On the government site it asks if I am replacing main residence my solicitor says no and I say yes. Can you please provide some advice that clarify the position.
Thanks for your assistance.
m not replacing my main residence wh
Submitted: 10 months ago.
Category: Tax
Expert:  bigduckontax replied 10 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Were You are replacing your sole or main domestic residence. If you own the old and the new simultaneously then the 3% surcharge will apply, but if you dispose of the old withing 18 months of the purchase of the new you can reclaim the surcharge from the Stamp Office. If you own two residences the surcharge cannot be reclaimed.

I do hope that you have found my reply of assistance.

Customer: replied 10 months ago.
Thanks
Expert:  bigduckontax replied 10 months ago.

Delighted to have been of assistance.

Please be so kind as to rate me before you leave the Just Answer site,

Expert:  bigduckontax replied 10 months ago.

I would be delighted to converse with you. Unfortunately I am responding to your question from a time zone 6 hours ahead of BST so the exercise would be a tad expensive!

Customer: replied 10 months ago.
OK then maybe an on-line consultation will help
Expert:  bigduckontax replied 10 months ago.

No problem, ask on.

Customer: replied 10 months ago.
Hi, I am selling my house that has been in my sole name and am moving to another property that will continue to be in my sole name. There is no mortgage involved in the transaction.I got married 3 years ago and my wife has 50% part ownership in her previous married name with the local councilon a flat. She currently rents the flat and pays tax on the income.I have been told by the solicitor that I will have to pay an additional stamp duty tax taking the cost up by £10,000 . On the government site it asks if I am replacing main residence my solicitor says no and I say yes. Can you please provide some advice that clarify the position.
Expert:  bigduckontax replied 10 months ago.

I have already answered your question.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 10 months ago.

Thank you for your support.

Related Tax Questions