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Where Taxpayers and Advisers Meet

Concessionary price ( England)

colin66
Posts:37
Joined:Wed Aug 06, 2008 3:07 pm
Concessionary price ( England)

Postby colin66 » Thu Aug 11, 2022 2:52 pm

For SDLT query ( posting Cgt query on other board).

If I sell my house worth £500k to son ( he owns a property already) at £125K. .. would move in/ out as normal .

I am I right to assume stamp duty would be £3750 ,( actual consideration, not value) reclaimable within 3 years when his other property was sold.

Would it be nil if I gifted it?

Jholm
Posts:354
Joined:Mon Mar 11, 2019 4:22 pm

Re: Concessionary price ( England)

Postby Jholm » Thu Aug 11, 2022 4:18 pm

Is there a mortgage in place on the property?

Was it your only main residence? If not, your bigger concern may be CGT.

colin66
Posts:37
Joined:Wed Aug 06, 2008 3:07 pm

Re: Concessionary price ( England)

Postby colin66 » Thu Aug 11, 2022 4:27 pm

Thanks

No mortgage ( well currently less than £100 and this will be paid off prior). Has been my main residence for 14 out of 15 years of ownership (odd year long story) so my cg covered by ppr / cg annual exempt amount

bd6759
Posts:4256
Joined:Sat Feb 01, 2014 3:26 pm

Re: Concessionary price ( England)

Postby bd6759 » Sat Aug 13, 2022 11:08 am

SDLT ON £500k is £30,000.

colin66
Posts:37
Joined:Wed Aug 06, 2008 3:07 pm

Re: Concessionary price ( England)

Postby colin66 » Sun Aug 14, 2022 6:15 pm

Thanks, although thought for close connection discounted / gift. It was at consideration paid…. S my other views?

bd6759
Posts:4256
Joined:Sat Feb 01, 2014 3:26 pm

Re: Concessionary price ( England)

Postby bd6759 » Mon Aug 15, 2022 10:53 am

Sorry. Misread your question. SDLT is payable on the consideration paid, either £125k or £0 if an outright gift.

Additional rate SDLT only refundable if the other property is your son’s current residence.


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