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Where Taxpayers and Advisers Meet

Gift of property and stamp duty

Posts: 5
Joined: Mon Jun 03, 2019 6:07 pm

Gift of property and stamp duty

Postby mustardfunk6 » Tue Jun 18, 2019 7:07 pm

I can't afford to buy a property, so my parents want to gift me a rental property worth £200k (no mortgage) for me to live in for free. However, I want to know if I wanted to pay them back say £18K a year (what I pay in rent now), how would that be treated for stamp duty. However, my parents don't want any money but I feel that they will be losing a chunk of their hard-earned retirement income. Am I effectively buying it for 200K with a loan from my parents? I am happy to pay whatever is necessary but don't want to appear foolish. I am not a FTB because I had a house previously.

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