SDLT disposing of share of property

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    SDLT disposing of share of property

    Would the following situation trigger the higher rate of SDLT?

    Own 2 buy to let's. Own a 1% share in a property which is my main residence (share is worth less than £40k). Move out and buy an only residence and dispose of the share at same time (sole ownership). The share to be gifted to the other resident/owner of the property (who remains living there).

    What sort of costs are associated with transferring shares of a property?

    #2
    If you already own 2 BTL properties in your name, whatever residential property you buy will be subject higher rate SDLT. But if you move out of your existing main residence and move into the purchased new property , you may be able to claim a refund of extra 3% within 36 months from date of purchase if you can prove it is your main residence.

    If you gift a share ( worth less than 40K ) in a property (without mortgage ) to the other joint owner, there is no SDLT to pay by recipient .

    If the property title holders are registered as tenants in common holding 1% and 99%, you can ask for quotations from 3 conveyancing firms who should tell you if such transfer is simple or not .

    Comment

    Latest Activity

    Collapse

    • Full accounts requested - Treasurer avoiding me!
      by GeeMan16966
      Just joined PMC as Director and CS and on checking the documents handed to me for storage, there is a massive gap from 2010 to now! I have managed to find through other directors the meetings minutes for the past 9 years, however I am struggling to be given the full accounts. When I ask, I am told I...
      05-06-2020, 13:30 PM
    • Reply to Full accounts requested - Treasurer avoiding me!
      by GeeMan16966
      Thanks, that helps a lot.
      06-06-2020, 15:14 PM
    • Reply to Full accounts requested - Treasurer avoiding me!
      by Gordon999
      If you are listed as director and officer of the company, you can request any information going back 6 years....
      06-06-2020, 11:57 AM
    • Reply to Full accounts requested - Treasurer avoiding me!
      by GeeMan16966
      The directors changed in 2014 and then got
      Total exemption small company accounts
      Been filing Micro accounts since - as a shareholder and Company Secretary and director am I entitled to see the bank statements if they do not have full accounts?...
      06-06-2020, 10:27 AM
    • Reply to Full accounts requested - Treasurer avoiding me!
      by GeeMan16966
      Thank you.
      06-06-2020, 10:09 AM
    • Moving Back Into Let House
      by Sentaiwarrior
      Hi.

      I was wondering if anyone can provide me with advice.

      I used to live in my own house. I moved for work a few years ago and let my house (with consent to let).

      I'm planning to move back into my house which is currently still let. I've given the tenant three...
      05-06-2020, 20:16 PM
    • Reply to Moving Back Into Let House
      by AndrewDod
      No you can't do that. If the tenant actually broke stuff and you sort it before the tenancy ends, then maybe. At the start of putting a property out to rent you can make tax related expense claims - you can't have a double bite, fixing it for yourself at the other end....
      05-06-2020, 21:55 PM
    • Reply to Moving Back Into Let House
      by ash72
      The wear and tear allowance has been removed so you could expense the actual costs of the items as an expense, on a like for like basis, only if you are then renting it out, if it is returning back to a residential property then you couldn't.
      05-06-2020, 20:30 PM
    • Accountancy Fees
      by mmooney
      Hi Folks,

      Looking for some general advice. I own 5 BTL properties individually and have 3 BTL properties as a LTD Company. My tax returns are relatively straight forward and I was thinking to do my own tax returns this year. My account charged me GBP1500 for the return for my Ltd Company,...
      05-06-2020, 07:23 AM
    • Reply to Accountancy Fees
      by Gordon999
      I think its better for Ltd companies to have their annual accounts done by chartered accountant. Very difficult to get any bank loan without showing certified accounts.
      05-06-2020, 18:33 PM
    Working...
    X