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Michael Holly
Michael Holly, Solicitor
Category: Tax
Satisfied Customers: 7364
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: 11 days ago.
Category: Tax
Expert:  Michael Holly replied 11 days 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 11 days 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 10 days 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