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Where Taxpayers and Advisers Meet

4% surcharge

deanh
Posts:46
Joined:Wed Aug 06, 2008 3:32 pm
4% surcharge

Postby deanh » Wed Aug 19, 2020 3:19 pm

Hi,

If I transfer a 2nd property (not main private residence) to my brother, and there is no consideration, is the 4% LBTT surcharge applicable?

Dean

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: 4% surcharge

Postby bd6759 » Thu Aug 20, 2020 8:36 am

LBTT, like SDLT, is ordinarily charged on consideration with few exceptions.
As long as there is no consideration, and you are indeed giving the property to your brother with no intended reciprocation, the transfer is LBTT free.

deanh
Posts:46
Joined:Wed Aug 06, 2008 3:32 pm

Re: 4% surcharge

Postby deanh » Thu Aug 20, 2020 8:59 am

Many thanks, your advice is very helpful


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