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Where Taxpayers and Advisers Meet

Property transfer

kanrent
Posts: 65
Joined: Tue Dec 16, 2014 8:20 am

Property transfer

Postby kanrent » Wed Jul 29, 2020 3:23 am

Hi can anyone help. if I transfere ownership of my only home to my daughter (no money involved) does she still have to pay stamp duty on the value of the property? She is non resident.

jerome.lane
Posts: 237
Joined: Mon Aug 12, 2019 8:41 am
Location: Sandhurst, Berkshire
Contact:

Re: Property transfer

Postby jerome.lane » Wed Jul 29, 2020 4:47 am

If no mortgage and no consideration, then no SDLT on a true gift. You should consider the CGT position.
Jerome Lane
Tax Adviser
Telephone: 07943 005902

kanrent
Posts: 65
Joined: Tue Dec 16, 2014 8:20 am

Re: Property transfer

Postby kanrent » Wed Jul 29, 2020 5:47 pm

How would CGT affect a gift

bd6759
Posts: 3199
Joined: Sat Feb 01, 2014 3:26 pm

Re: Property transfer

Postby bd6759 » Wed Jul 29, 2020 10:53 pm

How would CGT affect a gift
CGT is charged on disposals. A gift is a disposal.
The market value of the gift is potentially chargeable,

jerome.lane
Posts: 237
Joined: Mon Aug 12, 2019 8:41 am
Location: Sandhurst, Berkshire
Contact:

Re: Property transfer

Postby jerome.lane » Thu Jul 30, 2020 6:26 am

How would CGT affect a gift
If the property was your main home, you may qualify for principal private residence relief from CGT. You will also be making a potentially exempt transfer for IHT purposes. It’ll probs to be worth getting some formal advice.
Jerome Lane
Tax Adviser
Telephone: 07943 005902


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