Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Sat, 26 Aug 2023 11:37:17 GMT by Katherine10_8
Hi My husband do have a property outside UK that his mum and sister are living in ( my husband owns half of it and half own by his sister). We don’t plan to sell it. We are now planning to buy a house for us to live in UK, it will be under my name, I am a first time buyer. may I ask: 1) if the property is £300,000 , do we need to pay tax like £250,000x3%+£50,000x5%? Or only £250,000x0%+£50,000x5%? Or 0%tax because I am first time buyer. 2) when we sell our UK home in future, do we need to pay CGT? What if we just want to change our place ? Do we need to pay CGT and SDLT ? Thanks in advance
Posted Thu, 31 Aug 2023 16:24:07 GMT by HMRC Admin 25 Response
Hi Katherine10_8,
1. This would appear to related to stamp duty that is not part of this forum.
Please refer to:
Stamp Duty Land Tax
2. if it is your main residence for the whole period of ownership then no CGT will be due for you. your husband will need to make a nomination of main residence:
CG64485 - Private residence relief: only or main residence: two or more residences: right of nomination
If changing, the same rules will apply unless you intend to rent out one of your properties and then CGT would apply. SDLT as per point 1
Thank you 
 

You must be signed in to post in this forum.