SDLT additional property charge

[jim jones]

Hi

I own 2 properties, a PPR and a BTL. The PPR is unmortgaged.

I am looking to move to a new bigger PPR. If I buy a new PPR, move there, and shortly thereafter give my current PPR to my son, will I be eligible for a refund of the 5% additional stamp duty ?

Apologies in advance for any fatal flaws in the logic !

Thanks

[AGoodman]

Yes, provided your son is an adult and it is a genuine gift - not part of a cunning plan.

Sch 4ZA of Finance Act 2003:

3.(7)For the purposes of sub-paragraph (5) the purchased dwelling [F9is also] a replacement for the purchaser's only or main residence if—

(a)on the effective date of the transaction (“the transaction concerned”) the purchaser intended the purchased dwelling to be the purchaser's only or main residence,

(b)in another land transaction whose effective date is during [F10a permitted period], the purchaser or the purchaser's spouse or civil partner disposes of a major interest in another dwelling (“the sold dwelling”),

[F11(ba)immediately after the effective date of that other land transaction, neither the purchaser nor the purchaser's spouse or civil partner has a major interest in the sold dwelling,] and

(c)at any time during the period of three years ending with the effective date of the transaction concerned the sold dwelling was the purchaser's only or main residence.