Buying a house from a relative

saddpr · Postby **saddpr** » Fri Jul 18, 2003 2:48 am

A relative would like to sell me their property. They would also like to sell it to me at a reduced price which may change the stamp duty bracket. What are the tax implications of this?

accountant@uktaxshop · Postby **accountant@uktaxshop** » Fri Jul 18, 2003 4:09 am

Your relative is probably a connected person here.

Therefore the deemed price of the transfer will be the market price, regardless of the actual value offered.

Ie the stamp duty will be levied at the full market value.

Your solicitor, or agent managing the transfer should be able to advise on this.

James Smith
Chartered Accountant
www.uktaxshop.co.uk
01284 764436