Hope I did not ask a similar question on here recently as I cannot seem to find my previous threads....
SO ! If a person owns their own PPR property and received a PPR gifted from a parent is there no LBTT (Scottish equivalent of SDLT) or ADS on that gifted property ?
There are no IHT elements to this question, as it will still be included in the assets in any future IHT assessment...this would also bypass POAT issues (under gift with reservation of benefit)...So no 7-year rule focus as their comibned assets are below the IHT threshold and no CGT issues as its the PPR and CGT exempt at the point it is gifted as they have occupied it all their lives. I do know I will be liable form CGT on its value increase from the point it is gifted, which I can live with.
I'm just worried I would be caught out with the new higher 4% LBTT for some reason as the persons are 'connected' in this gifting scenario.
I referred to the "No chargeable consideration exemption page of revenue Scotland." I already asked them the question but they just send back quotes from the site as they cannot give specific advice to questions. I guess SDLT rules and LBTT rules would be similar regarding gifting.
https://www.revenue.scot/land-buildings-transaction-tax/guidance/lbtt-legislation-guidance/exemptions-reliefs/lbtt3002/lbtt3003
Also, I'm an expat if that matters living half my life away from UK.
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