Question:
I am about to take 50% ownership of my father’s house which has a value of £78,000, so my share is £39,000. I currently live in my partner’s house but we are going to buy a house together with a value of £140,000. Will I have to pay the second home stamp duty land tax additional charge, or because I own under £40,000 of my father’s house will this rule not apply?
Arthur Weller replies:
You will not have to pay the extra 3% stamp duty land tax, since your share of the first residential property is worth less than £40,000. See: www.gov.uk/government/uploads/system/uploads/attachment_data/file/509184/GuidanceNote_Final.pdf on page 25 at Question 7.
