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Michael Holly
Michael Holly, Solicitor
Category: Tax
Satisfied Customers: 7480
Experience:  I have 20 years of experience as a solicitor in litigation and other areas
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My husband, my daughter and myself are looking to buy a

Customer Question

My husband, my daughter and myself are looking to buy a share in my sisters house. If we said we were all going to put in £39000.00 each individually would there be stamp duty to pay? Your help would be very much appreciated. Thank you
Assistant: Have you talked to a tax professional about this?
Customer: No our solicitor has advised us to ask a tax expert.
Assistant: Anything else you want the Accountant to know before I connect you?
Customer: No thank you
Submitted: 6 months ago.
Category: Tax
Expert:  Michael Holly replied 6 months ago.

Good evening

Yes stamp duty is payable on the total price not how the price is put together by individual contributions.

The level for stamp duty is 2% over £125,000.00.

If there are any further points kindly reply I will be happy to respond.

Otherwise, please either click accept on the system or rate my answer so I get credit for my time so I get credit for my time.

Best wishes

Michael

Customer: replied 6 months ago.
We are all in effect only purchasing a share in a second home. When I put this into the HMRC calculator for stamp duty it’s says that the first £40000 is exempt ?
Expert:  Michael Holly replied 6 months ago.

Hi the information I provided was from the HM Gov site called Stamp Duty Land Tax.

The exemption on that site is up to £125,000.00 as above.

Stamp duty is not calculated by reference to the number of purchasers but the price of the property.

Best regards

Michael