The Autumn Budget – Stamp Duty Tax, Marriage and Divorce Update

30 Nov 2017 | Comment

The Autumn Budget announced on 22 November 2017 that HMRC has made some much hoped for changes regarding stamp duty tax and divorce. Judging by the number of queries I received following on from my previous blog Stamp Duty Tax, Marriage and Divorce there was a huge demand to make the Stamp Duty Land Tax system fairer.

These changes will affect;

  • People who sell only part of their former main residence.
  • People who own residential property then buy another following a divorce.
  • People who own residential property then buy an additional interest in their main residence or extend their lease.
  • Spouses transferring property between each other.

It will mean that the following people will not be liable for the higher rate in stamp duty;

  • Those who are getting divorced and where a court order prevents someone from disposing of their interest in a main residence.
  • Those who buy a property from a spouse or civil partner.

Hugh James Independent Financial Advisers provide bespoke independent financial advice on mortgages, insurances and your financial affairs. We work hand in hand with the legal teams, both in conveyancing and divorce. By using Hugh James in your divorce, house purchasing or selling transaction you can get the whole advice service under one roof.

If you would like further guidance on how these changes would affect you, together with independent mortgage and financial advice please contact Lisa Russell on 02920 660565.

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