Stamp Duty and Gifts
Posted: Sun Feb 11, 2018 1:20 pm
Can someone please tell me if the following would avoid stamp duty (and any other taxes) and just as importantly if it is all above board and legal.
Sister A has just inherited a property (she has NO other property). (There is no IHT, taxes, mortgage due on the property). For personal reasons (NOT related to any money matters) she wants a quick sale.
Sister B has sold her house and so had NO property in her name. She is currently renting.
Plan
• Sister A gifts property to Sister B
• Sister B gifts £500,000 to Brother C
• Brother C gifts £500,000 to Sister A
or is it possible to simply cut out Sister C. i.e.
• Sister A gifts house to Sister B
• Sister B gifts £500,000 to Sister A
Thanks in advance for any responses.
Ben
Sister A has just inherited a property (she has NO other property). (There is no IHT, taxes, mortgage due on the property). For personal reasons (NOT related to any money matters) she wants a quick sale.
Sister B has sold her house and so had NO property in her name. She is currently renting.
Plan
• Sister A gifts property to Sister B
• Sister B gifts £500,000 to Brother C
• Brother C gifts £500,000 to Sister A
or is it possible to simply cut out Sister C. i.e.
• Sister A gifts house to Sister B
• Sister B gifts £500,000 to Sister A
Thanks in advance for any responses.
Ben