SDLT certification

[stel]

A couple are about to submit a TR1 which will transfer their PPR from husband and wife to husband wife and adult son. This share of their home will be a gift to their son who has always resided with them and shares in the cost of the household expenses.

They have been informed that, subject to them living for 7 years and the son continuing to live with them, this has significant advantages in respect to the eventual IHT liability on their property which is valued in excess of £500,000.

As a gift there is no liability to stamp duty but they are unsure if it is necessary to submit a SDLT1. They have been unable to obtain clear guidance from the Land Registry on the Land Registry requirement in respect to any SDLT certification that may be required relating to registration of the property in the 3 names.

Any guidance would be greatly appreciated

[section 44]

No SDLT1 is required. It is not a notifiable transaction because it is exempt from charge by reason of there being no chargeable consideration. The relevant authority is sections 77(1)(a) and 77A(1) of, and paragraph 1 of Schedule 3 to, the Finance Act 2003.

Why would you ask the Land Registry for guidance on tax law?