Are we liable for Stamp Duty?
My wife and I jointly own the properties which have been used as Care home for 25years. We are advised to separate the business, Cherrytrees Care from the properties but my wife and I remain as joint owners and partners in Cherrytrees Care as well as in the property partnership. Are we liable for Stamp Duty although the properties have always been in our joint names and will continue with the same?
Arthur Weller Replies:
This is merely a legal formality; there is no change in the actual beneficial ownership of the property taking place. Consequently there is no stamp duty land tax to pay. This can be seen on http://www.hmrc.gov.uk/manuals/sdltmanual/SDLTM31710a.htm.
Got a burning tax question?
Why not submit a tax question to our tax advisorsAsk a Question