Any Tax Specialists or Conveyancers Out There??

[StampDutyQuery]

Just looking for some advice.

Myself and Husband own a house worth £75k, our individual asset is £37.5k each.

Are we liable for second property stamp duty if we purchase another property? We each don’t have a property asset worth 40k.

If I was to buy another property on my own I know I wouldn’t be liable as I don’t have an asset worth 40k or more.

If my husband was to buy another property on his own he wouldn’t be liable as he doesn’t have an asset worth 40k or more.

Therefore we aren’t liable, am I correct? I’ve found the following HMRC guidance.

Anyone?

I would assume you are joint tenants and therefore liable.

Have a look at Section 2.4 on this:
www.gov.uk/government/consultations/consultation-on-higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties/higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties

Essentially married couples are treated as one person.

In your scenario, one person has a house worth 75k. This same person wants to buy a second property. They will own two properties at the end of the day (de minimis breached).

Surcharge will apply.

Don’t worry though the solicitor is liable for collecting the tax, they will ensure it’s correctly charged