stamp duty again

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    stamp duty again

    Edit for stamp duty read Stamp duty land tax.

    We have 5 properties in my wifes name.
    Once the new rules come into play for aditional stamp duty on rental or second homes how will this effect us if we need to transfer property between us.

    e.g 1. If a property bought for 90k were transfered to me after April for no money would stamp duty be liable? If not and I then needed to sell would I have to pay capital gains on any profit or the whole value as I received as a gift?

    e.g 2. If we ever divorced would one of us end up with a stamp duty bill when property was shared equally between us. I understand stamp duty is exempt for divorse at the moment will that still be case with the additional stamp duty.

    e.g 3 If my wife has a property bought for 70k on which I spent 20k renovating without either of us claiming tax relief as at the time my wife did not need to pay tax on her income being under the tax treshold and that property were transfered to me what measures can I take if I later sold to aviod stamp duty on the 20k which was not profit.

    e.g. 4 When property is transfered between a husband and wife if money has not actually changed hands is it important that it is recorded as such. And also if money is exchanged is that also important.

    e.g. 5 If 50% share in family home is transfered one way and an equivilent value of rental property transfered the other, say 130k rental property 50% of 260k house I asume stamp is due in both directions?

    #2
    I bet your wife loves you..... Does she know about this post?

    Property passed between husband and wife will not attract any stamp duty.

    Comment


      #3
      Unless it's mortgaged.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment

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