A. The higher rates will apply to the total price paid for the property. The reason for this is that you will own an interest in an additional residential property and there are special rules for joint purchasers.
For joint purchasers, the higher rates will apply if either purchaser already owns another residential property and they are not replacing their main residence. In the case of joint owners, we look at each joint buyer separately and ask whether the 3% surcharge would apply to a purchase by that person. If the 3% would apply to either party, then the 3% surcharge applies to the whole of the transaction.
If you have a tax query, why not contact the Tax Advice Line on 0844 892 2470 to discuss it. Our team of experts have a wealth of experience and can also provide a written consultancy service at £180 per hour plus VAT.
Book your place at our upcoming Seminars:
