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Experience:  International tax
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I have a complicated one that I can’t find the answer to on

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Hello, I have a complicated one that I can’t find the answer to on the internet! My husband and I own a limited company which owns four properties. One of those properties is my bed and breakfast business which is also my home. I want to transfer the bed and breakfast only to my name, as my husband and I are no longer together. My question is how is the stamp duty calculated and can we transfer the property without selling it to me for a fee, as I already own the majority of it?
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: No, nothing. I am trying to reach an agreement with my husband about the transfer, but the stamp duty fee is the problem.
JA: Where is the home located?
Customer: My business and home is one building. Or do you mean address?
JA: Anything else you want the Lawyer to know before I connect you?
Customer: dont think so!
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola
Customer: replied 1 month ago.
I can wait, please try to find an answer!

Hello and thank you for allowing me to assist you.

You don’t pay SDLT if you transfer an interest in land or property to your partner as part of an agreement or court order because you’re either:

  • divorcing
  • dissolving a civil partnership

This also applies if the partners either:

  • annul their marriage
  • legally separate

Do it prior to splitting though

Customer: replied 1 month ago.
Thanks for coming back to me, I had previously read that on the Gov site. However, people keep telling me that it is different if you are transferring from a limited company to a private person? Can you confirm please?

YOU need not "pay" any amount for the property. This is just your property you are taking out of the business.

Still no sdlt

Transfers of assets between other persons do not escape capital gains tax. For example, a transfer between a brother and sister or between common-law spouses is treated as a disposal for capital gains tax and taxed just like an open market sale.

Of course I am assuming there ii no mortgage

Customer: replied 1 month ago.
Thank you!

You are most welcome.
A 5 star positive rating would be appreciated

Customer: replied 1 month ago.
Ooh, there is a mortgage, does that make a difference for the SDLT?
Customer: replied 1 month ago.
I alone service the mortgage and will continue to do so.

YES

The amount left on mortgage is now the SDLT amount just as if sold for that

TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 21902
Experience: International tax
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