Example:

Mr Cash and Ms Carter are cohabitants. They each own separate dwellings (which they purchased individually before they began cohabiting and used as their respective main residences). Mr Cash then sells his previous main residence and purchases a new dwelling to rent out.

At the end of the day that is the effective date of the transaction, Mr Cash "owns" more than one dwelling (he is the owner of the newly purchased dwelling and, for the purposes of the LBTT(A)(S)A 2016, is deemed to be the owner of his cohabitant's existing dwelling ("deemed ownership")) and is not replacing his main residence so the ADS will apply.

Last updated: 
6 April 2016
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