Stamp duty relief, different scenario

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    Stamp duty relief, different scenario

    Good morning,

    I have read the discussion from last week regarding the holiday for all replacing the main homes.

    It seems that it doesn't matter how many properties you have, as long as you only have one main "home" and you are selling it (either at the point of buying a new home or up to three years) you are exempt from stamp duty.

    Our situation is similar to the other thread, but not exactly the same:

    I currently rent with my wife and she owns 1 property that she lets out under her name (c. £140k of value). We also have a different SPV limited company with 1 property in it.

    We are looking to buy our first home at roughly £430k.

    I'm trying to understand if we will be eligible for the stamp duty holiday?

    If I simply use the HMRC calculator, it asks me if I am replacing my main residence. In essence, I am, but from rental to owned.
    If a sale has to accur in order to get the relief, I wonder what's the logic behind it?

    Thanks in advance


    #2
    The term "main residence" applies to "property owners living in their own property. It does not apply to renters living in property owned by another person.

    If presently one property is under wife's name and one property under SPV company name and no property under your name, then buy a property under your name only before 31 March 2021.


    https://www.gov.uk/guidance/stamp-du...-reduced-rates

    Comment


      #3
      No you are not exempt. You are not selling your PPR. Nor does it help if you put the purchase in your name as your wife owns another property that is not your PPR and which you (or she) still own at the point of purchase.

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        #4
        If my wife were to sell her BTL, will we then be exempt having no properties under our names?

        Comment


          #5
          Yes. But before. It's not like an own residence where you have a duration of time afterwards.

          Comment

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