SDLT

Hi, My wife and I are currently in the process of purchasing a property to reside in the UK. As this will mark our first home purchase in our life, we are seeking clarification on the applicable stamp duty for our specific circumstances. To ensure a comprehensive understanding of our situation, I would like to provide some background information: In February 2021, my wife and I applied for BNO Visa, which were successfully granted on 23 April 2021, leading to our relocation with two boys to the UK in July 2021. In June 2021, I inherited approximately 30% ownership of a property from my father, which was originally passed down from my grandfather. This property remained under the continuous occupancy of my grandfather until 2022, during which neither my wife nor I ever resided in it. From the 3rd quarter of 2022 onwards, the property has been leased out, and any rental income generated from it is received by my father. Neither my wife nor I have benefitted from any rental income associated with the property. In October 2020, my wife acquired a government property through an off-plan purchase, with an expected handover in April 2023. There exists a 10-year lock-in period associated with this property. Despite the transaction being finalized in April 2023, our relocation to the UK has prevented us from occupying the property, rendering it temporarily unsellable. Given these circumstances, my wife and I have never owned a home up to this point. Therefore, if our purchase is successful, it will be our first home in our life. We are seeking clarification on the stamp duty payable for our prospective property purchase in the UK. Additionally, we would like to inquire whether the potential future sale of our property in Hong Kong would have any impact on the stamp duty payable for our UK property acquisition. We kindly request your guidance and assistance in determining the appropriate stamp duty obligations based on our unique situation. Any clarification you can provide would be greatly appreciated as we proceed with our property purchase. Thank you for your attention to this matter. We eagerly await your prompt response.

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