Sdlt and cgt query

[Bill31]

My father and i currently live at home together.
It his main residence and i always lived with him.
Few years back he gifted me part of the property adding my name to the deeds as joint owners.

Did he have to pay CGT or SDLT on making the gift, or did i have to pay SDLT on receiving the gift.
There is no mortgage on the property.

[AGoodman]

No CGT assuming it has been your father's main residence since he acquired it.
NO SDLT as no money has changed hands and no mortgage.

If the point was to reduce your father's IHT liability then you may also want to check that he gave you a share as tenants in common (rather than as joint tenants).

[Bill31]

Thanks.
It was a joint tenants but then we severed the tenancy to create a tenants in common.

[Bill31]

It actually doesnt matter if the gift was as joint tenants its seen as 50/50 from a hmrc point of view from a tax perspective. I had this confirmed via hmrc.

[Bill31]

Another question as no money was exchanged or no mortgage in place did a SDLT tax form need to be filed with hmrc?

[bd6759]

No need for SDLT return. No SDLT is payable.

[Bill31]

What i also forgot to mention was that i had another property on let.
So when the main residence me and father lived at was gifted to me, its counted as a 2nd property? So would the additional 3% sdlt apply or not? Or is it cancelled out because on this gift it had no mortgage and no money was exchanged?

[Nicklam]

I believe you dont need sdlt return as long as the consideration is for less than £40,000 but i think someone else can confirm

[bd6759]

Confirmed