Q I am preparing to buy a flat – costing nearly £300,000 — together with my brother. We're each taking a 50% share. As my share is worth less than £150,000, will I be exempt from stamp duty? AF
A No you won't be exempt from stamp duty land tax (SDLT). It applies to the full cost of a property irrespective of the number of buyers and their respective shares in the property. Only property costing less than £125,000 (£150,000 for property in disadvantaged areas) is exempt from SDLT. So you and your brother will face a bill of 3% of the purchase price.
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