Stamp duty for first time buyer

[surahman]

Hi,

Would like some advice, I am looking at buying a property.

My father, two years ago gave me his property as a transfer of equity. There was a minimal mortgage of £5000 that was transferred into my name at the same time.

I did not pay him anything for the property. And the current mortgage is being paid off, and will be paid off in a few years time.

I am now looking for my first property, and have found one. Basically, as I will be "buying" my first property at £180000, will I still have to pay stamp duty even though I never "bought" the house which my father gave me?

I would appreciate guidance.

Thanks.

[tonytt]

In order to qualify for the exemption, you must never have held an interest in a property anywhere in the world. It would therefore be my opinion that you would not qualify for this. you can confirm this by visiting the HMRC website (just google the phrase). Hope this helps.

[maths]

The legislation refers to an "acquisition" of an interest in property ie whether acquired for consideration or qua gift is irrelevant.