Harry
-
Which stamp duty bracket am I in?
Hi all, I'm looking for some guidance on stamp duty given my unique circumstances. The context: I'm 26 years old and I live in a rental property with my partner, neither of us have ever purchased a property before but we're in the process of looking to buy a residential property. Although I've not bought a property before, I do currently own a separate residential property that is rented out using a council rental scheme. Sometime ago (when I was younger than 16), my Grandad bought a buy to let property as part of his property portfolio - this property was bought in trust, in my name. in 2021, the property had the mortgage paid off and was formally transferred over to myself (new title deeds, informed HMRC etc). For the past few years I've been completing a self-assessment and have been paying CGT, as I've earned rental income on this property. I cannot work out which stamp duty bracket I fall into. My question is in two parts really, which is essentially how much stamp duty should we expect to pay on a first joint mortgage of a residential property under these two circumstances: 1) If we buy a property for £500,000 with my circumstances above, how much stamp duty would we pay? 2) If I sell my buy to let property, and then we look to buy a property for £500,000, how much stamp duty would we pay?