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Jeremy Aldermartin
Jeremy Aldermartin, Solicitor
Category: Tax
Satisfied Customers: 1899
Experience:  Dual qualified Solicitor and Attorney
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I needed advice on stamp duty tax, stamp duty tax advice, no

Customer Question

I needed advice on stamp duty tax
JA: For which tax year do you need advice?
Customer: stamp duty tax advice
JA: Anything else you want the Accountant to know before I connect you?
Customer: no
Submitted: 13 days ago.
Category: Tax
Customer: replied 13 days ago.
Dear Tax/Financial advisor - I needed some advice re stamp duty. I am listed on my mothers mortgage - i have been for the last 10 years and have not had any financial gain. However, I have not resided in that property for at least 10 years and have been renting closer to work - this can be proven by electoral/drs surgery etc. My wife and I would like to purchase our own property and have been advised differently regarding stamp duty. The new house I purchase will be my main residence but at the time of exchange i will still be named on my mothers mortgage. Given that my new house will be my main residence, would I still be liable to pay the 3% surcharge on stamp duty? I have spoken to 2 solicitors who have advised i would be exempt as my new home will be my main residence rather than a 'second property'. They however advised me to seek advice from a financial advisor/tax advisor. I would be most grateful for your time.
Expert:  Jeremy Aldermartin replied 12 days ago.

Hi thank you for your message, if you have a second home, even if it is your main home, you will pay the higher rate stamp duty. I hope this helps, if you can please accept my answer and rate me 5 stars (in the top right of your screen) then Just Answer will credit me for helping you today.