Stamp Duty - transfer of equity

[blenheim]

I have a male client who currently has a mortgage of �238,000.

He is looking to remortgage and wishes to now include his fiance (soon to be wife) on the mortgage.

Is there any SD consideration.

Also, he is considering reducing the mortgage to �140,000 at the same time - would this affect answer?

Many thanks

Peter

[ugly_bob]

wouldn't have thought so. Stamp duty limit is at �250,000 now, so any transactions below this should attract no duty

[dzug]

I think stamp duty is payable on half the mortgage if he gifts half the property.

I think the sum involved would be less than the threshold whether for the full or the reduced mortgage.

But IANAE - get more authoritative advice.

[buildersmate]

Hang on, chaps. It says his mortgage is �238k. Surely SD is payable on the value of the property - which is presumably a lot more? Or am I missing something?

[Golden Shred]

Stamp Duty Land Tax is a complicated tax. To be sure of a proper answer it is best to phone [phone] and discuss the proposal and figures direct.