Stamp Duty Land Tax
Tax Planning and Financial

JR Nottingham
JR Nottingham
0 Thanks
9 Posts
1 year ago

My wife and I own six BTL residential properties, that are let out to tenants on an individual AST basis.

One of the properties is jointly owned by my wife, two adult children and myself.

One of our children now wants to buy his own house with his partner.

The cost of that property is £350,000.

As I understand it, our child will need to pay the additional SDLT on his first residential mortgage due to him already being a part owner of a property as above?

If we removed him from ownership of the BTL property, would that mean he wouldn't have to pay the additional SDLT?

As that would be his first home, would he be exempt from paying SDLT, or any proportion of it?

How easy will it be remove him from the BTL property?

How long would that take?

If we did remove him from the BTL property, would the fact that he previously part owned a property affect any Capital Gains Tax &/or Stamp Duty Land Tax considerations?

Sorry for the number of questions as above, but the mount of new tax regulations brought in over the past couple of years is frankly bewildering to me and I just need some advice as outlined above to help me get my head around it all.

Many thanks for taking the time to read the above.

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