Parents selling house to daughter - help needed

[John Sheridan]

Hello all. My partner is buying her parents £325k house and is concerned about the amount of stamp duty that needs to be paid. However she is not purchasing the house outright, but paying so much off yearly (60k ish) in chunks or 'shares'.

Will this affect the stamp duty? Is there any way of reducing this amount?

Any help is appreciated,

Many thanks,

John

[Arnold Aaro]

Sorry, don't know the answer to this one.

However, is she doing this for Inheritance Tax purposes?

If so please let me know as there are a couple of things you/she need(s) to be aware about.

Arnold Aaron
Investment and Inheritance Tax Planner
Zurich Advice Network
e mail: arnold.aaron@zurichadvice.co.uk
Tel: 0208 437 2500

[I advise extensively on Inheritance Tax Planning, particularly Discounted Gift Trusts and Investments in general]

[Taxbar]

Dear John,

There's is a stamp duty issue, as this is probably a composite transaction, but there also IHT issues that have to do with tax law and not products.

You need to ask the Solicitor doing the conveyancing and then engage a tax professional.

Daniel Feingold

This communication is from
Daniel M Feingold
Barrister-at-law (NP)
Strategic Tax Planning
International & UK Tax Consultants
Treen House
72 Park Road,
Prestwich,Manchester M25 OFA
England. UK
E-mail: info@stratax.co.uk

[snettergal]

Hi
this is interesting ,as from reading the forum I gather a sale is made on completion no matter how payment is staggered.
Is it thus acceptable to gradually transfer ones' ownership incrementally within CGT allowances? I thought the I.R had that one covered.