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Additional Stamp duty


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Hi All,

I have a query around Stamp duty tax. Appreciate if someone can guide. I have gone through multiple readings but still confused about my situation.

I have lived in Singapore on rented acommodation  Since 2013.

I together with my brother and parents bought a shared property(flat) in India in 2018  where my share is 25% of worth about 20k GBP only. My parents and brother lives there. I just go there to meet them once in a while. There is no intention to sell that flat currently as my family lives there !

I together with my wife and kid moved to the U.K. in Sep 2021. (this year). My wife does not hold any property/share on her name. We are looking to buy a property in UK(300k+ GBP) . Will we be asked to pay an additional stamp duty charges of 3% here ? As I understand we might not eligible for first time buyer rebates as I hold that share under my name .... But will we be asked to pay 3% additional SDLT apart from standard rates as well ? .. Are there any legitimate workarounds/solutions to pay additional stamp duty in my situation? I think we don't call our flat back in India as  our "main residence" as we have lived in Singapore all the time . 

Appreciate your expert comments please.

 

Thanks,

S Singla

 

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You need to speak to a solicitor on this one, no one else is qualified to give you advice on something this complex, certainly not in online forums. You will need a solicitor for the purchase anyway, and most should advise you on a no sale no fee basis, although i'd argue its penny wise, pound foolish to seek out the cheapest lawyers/accountants etc!

043_logo_final_03.png.0cdf828351f81e6097208048ac2d018d.pngStuart Phillips

Independent, Whole of Market Mortgage Broker

AALTO Mortgages Ltd

Web  www.aaltomortgages.com

Email  sales@aaltomortgages.com

Call  020 7183 1101

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On 10/10/2021 at 12:44 PM, sausin said:

My wife does not hold any property/share on her name. We are looking to buy a property in UK(300k+ GBP) . Will we be asked to pay an additional stamp duty charges of 3% here ?

If you are married then you are treated as a single unit so it is not relevant that your wife does not currently own property.

You will own more than one property at the end of the transaction and are not replacing your main residence so you will pay the higher rate of stamp duty.

 

 

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David M Slater ACMA 
Accufy Accounting
01946 552801
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When you're buying a property you don't intend to live in for most or all of the time - e.g. a buy-to-let property or holiday/second home - you'll have to pay 3% extra in stamp duty. The main exception to this is people who've never owned a property before and are investing in buy-to-let property as first-time buyers, who will pay standard home mover rates.

 

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