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stamp-duty

 

Several months ago, the Government introduced new stamp duty legislation, which means that any person owning their own home and buying an additional property will be forced to pay an extra 3% tax above what would normally fall due.

For example, a couple buying their first home, valued at £260,000, will need to pay 5% or £13,000 in stamp duty tax. If however, they are adding a new property to their portfolio, this stamp duty tax will be increased to 8% or £20,800.
This spells bad news for landlords or property investors. However, this move could also have a significant impact on divorce settlements.

As outlined in the Daily Telegraph, there are a number of scenarios affecting divorcing couples, but there also remains a degree of ambiguity about how the legislation could be applied under these circumstances.

A woman who did not have a stake in the home she shared with her husband but who is granted another property as part of a formal separation, will still be liable for the additional tax.

A spouse who leaves the marital home but retains a stake in it will also still be expected to pay the extra stamp duty too, on a new property.

There is a silver lining, however. This new legislation permits individuals who sold their main home within three years prior to November 2015, to buy another without having to pay the extra tax. In addition, separated couples are able to claim a refund on the additional tax if it can be proved that the separation is likely to be permanent, and that the shared home has been sold within the last three years.

Although the law with regards to divorce settlements will take time to integrate these new stamp duty rules, it is currently thought that it is unlikely to affect settlements which were made prior to the announcement. However, we should be prepared to see future appeal cases, where a spouse attempts to claim some sort of compensation by way of a settlement, if they can prove that the new laws have severely impacted on their finances.

Why new stamp duty rules could affect divorce

Date: August 23rd, 2016 - Written by: Brookman Solicitors

  Several months ago, the Government introduced new stamp duty legislation, which means that any person owning their own home and buying an additional property will be forced to pay an extra 3% tax above what would normally fall due. For example, a couple buying their first home, valued at £260,000, will need to pay 5%… Read the full article

Australian wife takes financial relief battle to the Court of Appeal

Date: August 18th, 2016 - Written by: Brookman Solicitors

  An Australian woman with an English ex-husband is disappointed that her appeal to apply for financial relief as part of a divorce settlement has been turned down by the High Court, says Family Law Week. The couple married in 2006 and lived in the UK but separated in 2008, after the birth of a… Read the full article

Sharia councils criticised by BBC programme

Date: August 15th, 2016 - Written by: Brookman Solicitors

  An interesting investigation by the BBC programme Victoria Derbyshire was aired recently, amidst claims of discrimination by Islamic women. Although all divorces in England and Wales must be processed through the English legal system, many Islamic individuals refuse to acknowledge this procedure and go on to request a divorce in what they consider to… Read the full article

Increasing number of divorces in Singapore

Date: August 12th, 2016 - Written by: Brookman Solicitors

  A recent report from the Department of Statistics has revealed that the number of divorces in Singapore is increasing, whilst the number of couples choosing to marry is decreasing, according to Channel News Asia. Whilst 28,332 couples married last year, this number was slightly less than the 28,407 recorded in 2014. Meanwhile, there were… Read the full article

Proposal to include compensation as part of divorce settlement

Date: August 8th, 2016 - Written by: Brookman Solicitors

  A 41 year old woman is set to make legal history if she wins her fight to claim a share of her husband’s compensation as part of her divorce settlement, reports Metro. The 19 year marriage of Helen Tippett and her husband, 45 year old Andrew Kerslake, broke down four years ago and since… Read the full article

China’s divorce rate on the rise

Date: July 12th, 2016 - Written by: Brookman Solicitors

  China’s thirty-something’s are the main age group which is causing its divorce rate to soar, according to China.org.cn. A report by the People’s Court in Fujian Province has revealed that almost 40 percent of the marital dispute cases in that region involve couples born in the 1980s. Meanwhile, it is estimated that around half… Read the full article

Indian men lend support to triple talaq

Date: July 8th, 2016 - Written by: Brookman Solicitors

  Thousands of Muslim women in India are campaigning to abolish the ancient “divorce law” of triple talaq, but now men are also offering their support in a bid to change the law, according to the Hindustan Times. Under the Muslim Personal Law Application Act, husbands are still permitted in India to perform talaq, whereby… Read the full article

20 year financial settlement claim reduced

Date: July 4th, 2016 - Written by: Brookman Solicitors

  A woman, who applied for a financial settlement claim of £1.9 million 20 years after her divorce, has instead been granted £300,000 by the High Court, according to the BBC website. Kathleen Wyatt married Dale Vince in 1981. At that time, both were living a New Age traveller lifestyle with little income. It wasn’t… Read the full article

Rabbis work to help women victims of “agunot”

Date: June 28th, 2016 - Written by: Brookman Solicitors

  Israel and Middle East news source Haaretz recently revealed joint plans by Orthodox Rabbis in Israel and Europe, to identify Jewish men who prevent their wives from seeking a get, or Jewish divorce. Such women are called “agunot”, a literal translation being “chained women”. In the past, a wife was given this status if… Read the full article

Reform of Pakistan’s divorce laws divides priests

Date: June 23rd, 2016 - Written by: Brookman Solicitors

A recent divorce case which led to a heated debate regarding Pakistan’s divorce laws, has split judges and religious leaders, says The Express Tribune. The original Christian Divorce Act 1869 stated that either Christian husband or wife within the country could apply for a divorce on a number of grounds, although the wife would need… Read the full article


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