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

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

9:52 AM, 11th January 2018, About 6 years ago 11

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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


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Comments

PaulM

12:28 PM, 14th January 2018, About 6 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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