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04 May 2012

Stamp duty

Hi, my husband and I are both on the title of our property for 2 years now. the equity is all mine from before we got married and our house before this one was in my sole name. We now want to revert back to me owning the property alone due to separation. No money is changing hands as he never owned any equity in the property and we have an interest only mortgage so no further equity accumulated during the past 2 years. the mortgage is £400k and now I am told that I need to pay the inland revenue 1% of half the mortgage debt which is £2k - this is a lot of money to pay for taking on more debt! seems totally counter intuitive... my questions are: is there a way to be exempt from the stamp duty based on the facts above? why do I have to pay stamp duty for taking on more debt?also, is the rule the same upon divorce? Many thanks for any insight you could offer,

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