If you are planning on moving in together, you can enter into a cohabitation agreement.
For many people, owning a holiday home is a major aspiration. Having a place to enjoy for leisure and recreation purposes has definite appeal, and demand for UK holiday homes has significantly increased over the last 18 months, in light of the COVID-19 pandemic. However, owning one may have Inheritance Tax (IHT) and Capital Gains Tax (CGT) implications which should be considered.
Whether you are buying a property alone or with another person, purchasing your first or your fifteenth home, planning on living in it or letting it out: whenever you acquire property, you should consider whether you need to make or update your Will as a result.
When someone purchases a property as a new main residence but does not sell their existing main residence, the surcharged rate of duty has to be paid on the purchase price.
If you sell or give away assets like shares or property which is worth more than it was when you acquired it, Capital Gains Tax (CGT) may be due.
SDLT is a tax on land transactions in England and Northern Ireland and has been with us for over 16 years – it replaced “stamp duty” which was a tax on documents. Scotland and Wales have their own land tax regimes. Some of the rules are extremely complex and even the Revenue have been known to get their guidance wrong.