Individual acquiring a half share of a dwelling with a new mortgage being taken

Matilda owns her main residence in her sole name but lives there with her partner Luke. Matilda and Luke do not own any other dwellings. Matilda now wants to transfer a half share of her dwelling to Luke for no monetary payment but they will be taking out a new mortgage in joint names.

No LBTT will be payable as there has been no assumption of an existing debt (as it is a new mortgage) so there is no chargeable consideration.  No LBTT return is required.

Information on debt as consideration can be found in LBTT2003

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