Share this content
11

SDLT 3% surcharge on mortgage taken over?

Didn't find your answer?

hi

ownwer of BTL flat is gifiting the flat to wife. The latter is a joint owner with the husband in the family home and she will take over the flat mortgage. is there a 3% SDLT surcharge? BTW the mortgage is less than £125k. many thanks.

Replies (11)

Please login or register to join the discussion.

avatar
By Accountant A
10th Dec 2019 11:51

neanderthal wrote:

ownwer of BTL flat is gifiting the flat to wife. The latter is a joint owner with the husband in the family home and she will take over the flat mortgage.

Why are they doing that?

Thanks (0)
neand
By neanderthal
10th Dec 2019 13:16

no idea and i dont ask questions unless they affect me

Thanks (0)
Replying to neanderthal:
Psycho
By Wilson Philips
10th Dec 2019 16:31

In the interests of providing best service to your clients, you really should be more inquisitive.

(On Any Answers, though, my rule of thumb is to answer questions and not to provide advice, asking further questions only in order to allow me to answer the question.)

Thanks (0)
Replying to Wilson Philips:
avatar
By The Dullard
10th Dec 2019 16:44

I've always found that wandering around my house in the dark is a very good way to create an accurate mental map of where all the furniture is. It's particularly effective for all the low-lying, hard stuff is.

Thanks (0)
Replying to Wilson Philips:
neand
By neanderthal
10th Dec 2019 17:27

facts are simple and they dont need further explanation its not rocket science- if you cannot provide some opinion accountant to accountant (nobody knows everything) my friendly advice is it would be more helpful to keep out of the specific post.

Thanks (0)
avatar
By tonycourt
10th Dec 2019 14:27

It's not a gift. As the mortgage is being assigned to the wife, or a new loan being taken to today the existing one, there is consideration subject to SDLT. The normal rate bands apply for the basic and the supplementary charge.

Thanks (0)
Replying to Justin Bryant:
neand
By neanderthal
10th Dec 2019 14:51

hi. thanks for this. the way i read it (in a rush) is that after 22/11/17 the higher SDLT rate will not apply on transfers between spouses!

Thanks (0)
Replying to neanderthal:
avatar
By Justin Bryant
10th Dec 2019 15:10

Correct and with careful implementation it never used to apply anyway (so the new relief was just to help ignorant people really).

Thanks (0)
Replying to neanderthal:
avatar
By tonycourt
10th Dec 2019 15:13

That's the way I read it too.

Thanks (0)
Replying to Justin Bryant:
By ireallyshouldknowthisbut
10th Dec 2019 17:49

Read down the thread thinking "I know this one"

And I then end up with "I agree with Justin"

Curses. @Justin, you know how much that pains me to write out.

Thanks (0)
Share this content

Related posts