Stamp Duty on Self Build on site given by father

S

sman

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Hi,

I am wondering if i will have to pay stamp duty on a house i am building in the near future. I have been given a 1 acre site by my father and am building with my girlfriend. We are both 1st time buyers. We are looking at building a 2000-2500 sq feet house. Are we exempt from stamp duty completely as we are first time buyers? or what will we have to pay?

Thanks
 
You are exempt from stamp duty on the site (provided it is worth less than 250k and it is signed over to you only) and, as you are building the house (rather than buying one) there is no stamp duty payable.
 
Has the site been transferred? Have you worked through all the tax implications? Specificallly, have you worked through ownership with both names ( all the exemptions etc won't apply if you are holding the site in joint names)?

Stamp duty will be payable on the site value only, if site is taken in both names. You do not pay stamp duty on a self build.

Have you asked your solicitor about all the issues?


mf
 
Also check out if site is only in your name then deeds of the house might only be in your name too and you should make your girlfriend aware of this if it is the case as she may not want a mortgage on something that she doesn't legally own with you.
 
Thanks. I hadnt considered that. Is it possible to have the site in my name and the house in both our names?
 
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