I have a client who jointly owns four buy to let properties all with mortgages. The parties are unconnected. The market values are £160,000, £120,000, £120,000, £140,000.
My client wants to take over the mortgage and properties by paying his business partner 50% of his equity in the properties.
What amount will my client pay stamp duty on when purchasing the four properties?
He then wishes to set up a limited company and transfer the four properties into a Limited company - will he pay stamp duty on the newly owned element twice?