Stamp Duty: Buying half of parents house
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eugenius
Apprentice
Joined: 20 Jun 2004
Posts: 5
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 Posted: 01/03/08 - 09:51 Post subject: |
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| Hello everybody! Couple of days ago, my parents told me that, since they’re retired, they want to move to Spain. Because of that, they are in need of cash, so they are willing to sell me half of their house. It is not something that I planned to do, but anyway, that would be a favor to them. What I would like to know is more about the stamp duty in case of buying half of parents house, and can that be somehow decreased? Thank you in advance. |
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vinny
Apprentice
Joined: 21 Jan 2006
Posts: 1
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| Posted: 02/02/08 - 01:56 Post subject: |
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| Hi there! In your situation, stamp duty is unavoidable. It doesn’t matter whose house you’re buying, whether you buy the whole house or just the part of it, stamp duty is a tax on property transactions and in this case you are eligible. It also cannot be decreased in this case. You will have to pay stamp duty on the amount of house’s worth. For example: if the house is worth 200 000 pounds and you pay 120 000 pounds to your parents, you will still have to pay stamp duty calculated on 200 000 pounds. It’s because market value of the property takes into account. Well, I guess that in the end you will have to pay stamp duty if you want to buy half of your parent’s house. Bye! |
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