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Scottish Sun
30-05-2025
- Business
- Scottish Sun
Virtually unknown stamp duty loophole that means you pay TWICE – and who can avoid it
Scroll down to find out how to pay stamp duty HOUSE THAT Virtually unknown stamp duty loophole that means you pay TWICE – and who can avoid it Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A VIRTUALLY unknown stamp duty loophole could leave you paying the tax twice. Cohabiting homeowners who buy their partner out following a separation may find themselves hit with the land tax more than once. Sign up for Scottish Sun newsletter Sign up 1 You could end up paying stamp duty more than once if you're buying out a partner Credit: PA Stamp duty is, typically, a one-off payment you make if you buy a property or piece of land over a certain price in England and Northern Ireland. But if you bought a property with a partner and you're unmarried, you might have to pay stamp duty again if you break up and want to buy their share of the property. You'll only avoid paying it if the transfer is part of a formal divorce or separation agreement. The extra stamp duty you might have to pay depends on how much is left on your mortgage and the equity in your property (the part of your home you've already paid off). You'll only have to pay stamp duty again if the "chargeable consideration" is more than £125,000. The "chargeable consideration" is the total value of what you're taking on to own the property, such as the remaining mortgage and any equity. For example, if you pay your ex-partner £100,000 for their share of the equity and take on £200,000 of their mortgage, the total "chargeable consideration" would be £300,000. In this case, you would need to pay stamp duty on £175,000, which is the amount above the £125,000 threshold for residential properties. The rules about paying stamp duty after separating from a partner can be tricky, so it's a good idea to speak to a solicitor or tax advisor to work out exactly how much you owe. Keep in mind that you will likely need to pay for their services. The Sun's James Flanders explains how to find the best deal on your mortgage Simon Nosworth, partner at Osbornes Law, said: "If you're married you can be sheltered from having to pay stamp duty upon divorce when you're splitting up assets like a mortgage. "This is because you've got protection under the Finance Act. "However, if you're unmarried you don't have this protection. "Broadly it is unfair, but there is no way around it." What is stamp duty? STAMP duty land tax (SDLT) is a lump sum payment anyone buying a property or piece of land over a certain price has to pay. You pay the tax when you: Buy a freehold property Buy a new or existing leasehold Buy a property through a shared ownership scheme Land is transferred to you or property in exchange for payment, for example, you take on a mortgage or buy a share in a house The rate you pay depends on the price and type of property and certain thresholds. If you are a first-time buyer no stamp duty is due if the property is worth £300,000 or less. You'll also get a discount if the purchase price is £500,000 or less and will only pay 5% SDLT on the portion from £300,001 to £500,000. Those who aren't first-time buyers will pay different rates depending on the value of their new home: If it's up to £125,000 - no stamp duty is paid For the next £125,000 (the portion from £125,001 to £250,000) - stamp duty is charged at 2% For the next £675,000 (the portion from £250,001 to £925,000) - stamp duty is charged at 5% For the next £575,000 (the portion from £925,001 to £1.5 million_ - stamp duty is charged at 10% For the remaining amount (the portion above £1.5million) - stamp duty is charged at 12% You'll usually have to pay 5% on top of SDLT rates if buying a new residential property means you'll own more than one. An HMRC spokesperson said: "Stamp duty in these cases may only be payable on the share purchased, not on the total value of the property." How to pay the stamp duty You have to pay stamp duty within 14 days of any transaction date. If the deadline is on a weekend or bank holiday, you need to make sure your payment reaches HMRC by the end of the previous working day. You will need your 11-character unique transaction reference number to hand. This reference will always be made up of nine numbers and two characters (for example, 123456789MC). You can find this on your paper return or on your electronic SDLT5 certificate. You can pay online by clicking on the "pay now" button found via You can also pay by cheque, but must allow three working days for your payment to reach HMRC. Make your cheque payable to "HM Revenue and Customs only" and write your reference number on the back. If you've filed a paper return, you need to complete the payslip and send this with your cheque to: BT Stamp Duty Land Tax HM Revenue and Customs BX9 1LT Send your cheque (including a payslip or quoting the unique transaction reference) to: HM Revenue and Customs Direct BX5 5BD Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Sky News
12-05-2025
- Business
- Sky News
12-hour days, £350k salaries: Life as a divorce lawyer
If you've ever spent your Monday morning commute daydreaming about starting afresh with your career, this feature is for you. Each Monday, our Money blog speaks to someone from a different profession to discover what it's really like. This week we chat to Yael Selig, partner at Osbornes Law and head of the family offices... I work 10-12 hours a day... The nature of my work means that I often have to work in the evenings due to unexpected issues. My workload is very intense, but I do try to make time for lunch. Of course, this very much depends on what is going on in a particular week. Newly qualified you'd expect to earn £50k... A top divorce lawyer... £350,000. We bill in six-minute increments... I deal with private clients, so it very much depends on the task at hand. If, for example, I have a 20-minute call with a client, this will mean that I will put down my time as three units. We do pilates... We recently introduced a weekly class in the office as well as various other wellbeing incentives (lunchtime walks, for example), which have all been met with great enthusiasm. This tells you a lot about how staff do need to be encouraged to get up from their desks. I wanted to be a dancer... I did ballet from a young age until I was 14 and then went on to join a contemporary dance group until I was 18. I come from a family of lawyers, so I decided to do a law degree. I do love connecting with people and family law seemed like the best option for me; it's the one I enjoyed most when I was studying. I have a reputation as a "Rottweiler"... I was acting for an older vulnerable client who was clearly being bullied by his ex-wife. She was the first to coin the phrase. You need patience and empathy. You need to be a good listener and a problem solver. But you also need to have some fight in you, as essentially you are a litigation lawyer. Unfortunately, it is inevitably a messy business, though I think I strike the right balance as I try my very best to resolve matters outside the court process and through negotiations. There are cases, unfortunately, where court is the only option, and this is where my reputation kicks in. Everyone hates something about their job and for me it's... the tight deadlines. You are often having to work to court deadlines and when your workload is super busy, it means you are faced with lots of these. There are two circumstances when I'd refuse a client... if it is unaffordable - litigation can be expensive. I always make sure that any potential client is made aware of the likely costs from the outset. And if a client is dishonest and wants to hide assets - then of course I cannot act for them. The biggest misconception about lawyers is... That you are cold and ruthless and only interested in fees. I lost a client to cancer... during divorce proceedings. I still think of him. Despite his diagnosis, the wife wanted to push on with litigation. Thankfully, I succeeded in stopping the proceedings while he undertook very aggressive chemotherapy. The courts were very sympathetic as he was diagnosed with terminal cancer, and he didn't know how long he had to live. His doctor's guess was that, at best, he had a year. I did everything I could to ensure that during the last eight months of his life he did not have to deal with the angst of court proceedings. I was adamant that, despite the other side's insistence to try and draw him into the litigation (court dates etc), I was not going to allow that to happen. I fought very hard for him, and we succeeded. He was a real gentleman who kept his sense of humour until the end of his days. What's it really like to be a... Brain surgeon Children's entertainer Royal photographer The job hasn't changed my opinion of marriage but... it does make me value my relationship. People can avoid a messy divorce by... being reasonable and not allowing their emotions to cloud their judgement. I accept this is difficult to do. In my experience, when the parties have a good line of communication between them, it helps keep matters on an even keel and they do not escalate. The most common mistake people make is to raise the temperature by... texting each other directly and insulting the other, and making threats regarding the children, which then makes matters considerably worse. If I had to do it all again... I would. Repeat, repeat, repeat! Despite the stress and intense workload... I do love my work. I have no plans to retire yet and haven't given it much thought. My job is very full on but I am very energetic, and I do love people and meeting new clients. It's what keeps me going.
