SDLT on tenants in common split 99% to 1%Make Text Bigger
I am in the process of splitting my buy to let property which I currently own 100% to my wife with 99% to her as she is a NIL taxpayer and 1% to me via tenants in common. I am currently re-mortgaging the property as my current deal is coming to an end. I have been told because I am transferring 99% to my wife I will have to pay Stamp Duty which I wasn’t aware. I was also told because I have another property which is a residential property the stamp duty is 5%. The outstanding mortgage amount is £125,500.
I wanted to know if this is correct and if so is there another way to avoid the Stamp Duty.
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