Stamp Duty On my Son’s First Purchase of Buy To Let?

by Readers Question

9:52 AM, 11th January 2018
About 3 years ago

Stamp Duty On my Son’s First Purchase of Buy To Let?

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Stamp Duty On my Son’s First Purchase of Buy To Let?

I thought, this will be right place to ask this particular question, so here it goes:

My son has just turned 18 and I am thinking of buying a property for him on Buy To Let basis whilst he is in full time education.

I am aware that, 3% surcharge is not applicable as long as this is his first purchase regardless of the fact it is residential property or Buy To Let?

However, I am not sure, whether first £300K exemption (which was recently announced in budget) will also apply in his circumstances as it would be his first purchase albeit Buy To Let?

Many thanks

Simon

Comments

PaulM

12:28 PM, 14th January 2018
About 3 years ago

Hi Badger...
I had two created at roughly the same time, so £600.00 for the first and £300.00 for the second (incl vat). Their fee was to simply create the trust agreements with no advice, as I knew what I needed. It's important you use a registered solicitor so that it's recognised by HMRC and fully legal.

You also need to register the trust with HMRC to get it a UTR number and then a bank account to operate it from.

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