Do we need to pay SDLT changing to tenants in common?Make Text Bigger
I am quite confused with SDLT tax. Here is our situation,
My wife and I own two buy to let properties (50:50 split joint tenant) at the moment. I am thinking of changing to tenants in common with 99:1 split.
The mortgage on each property is quite low (one is 54k, another one is 46k). So if my wife owns 99% of both, the transaction on each property is lower than 40k (one is 27k another is 23k).
In this case, does she still need to pay SDLT? I read that the 3% surcharge is for over 40k, but I am not really sure if the 40k is for each transaction or some different way to calculate?
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