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.