This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

SDLT purchasing new primary residence when owning gifted property

ollie
Posts:19
Joined:Wed Aug 06, 2008 3:31 pm
SDLT purchasing new primary residence when owning gifted property

Postby ollie » Fri Nov 01, 2024 5:50 pm

Hi.

I am considering passing on to my son part of a property which I own and is rented out. There is no mortgage on the property. I believe no SDLT is payable on this transfer(?).
Were my son to subsequently move house ie change his primary residence, in which he lives, would he be liable to pay the increased rate of SDLT on the purchase of his new house?

Any advice appreciated.

Thanks

bd6759
Posts:4377
Joined:Sat Feb 01, 2014 3:26 pm

Re: SDLT purchasing new primary residence when owning gifted property

Postby bd6759 » Sat Nov 02, 2024 10:20 am

If he sells his residence before acquiring a new one he won’t be liable to the additional rate.

ollie
Posts:19
Joined:Wed Aug 06, 2008 3:31 pm

Re: SDLT purchasing new primary residence when owning gifted property

Postby ollie » Sat Nov 02, 2024 9:11 pm

Many thanks for replying. That’s really helpful.
Ollie.


Return to “Stamp Duty, Stamp Duty Land Tax, SDLT”