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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5141
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am buying a house in my name only with mortgage in my name

Hi, I am buying a... Show More
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?
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Ask Your Own Tax Question
Customer reply replied 1 year ago.
We are living in the same rented accommodation
Customer reply replied 1 year ago.
her name was put on the deeds in 2012

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

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 reply replied 1 year 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?

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.

I thank you for accepting my answer.

Best wishes.