Can you please explain stamp duty?
Q.
I am a bit confused about stamp duty. If my husband owns an
investment property in his name only for tax purposes but now
wishes for me to be included as half owner, do we have to pay full
stamp duty for me to be added to the title? As his wife am I able
to be added with no cost?
A.
It would be treated as a disposal and a purchase of a half
share, capital gains tax (if applicable) and stamp duty will
apply. You should also take advice from your accountant before you
sign any documents because you do not want to put yourself in the
position where the tax office considers the sole purpose of the
transaction was to save tax.