We have a holiday home which is registered in the names of myself, my wife and our two sons
Our sons have reached the stage where they are contemplating purchasing their own homes so do not wish to become liable for the 3% extra stamp duty on the purchase of a second home
They are therefore planning to gift their share to us as their parents
We envisage submitting a TR1 to the land registry which would show the four of us as the present owners, transferring the property to the ownership of my wife and I.
Is this the solution of preference, or is there a more preferable way of achieving this
Our son’s share of the property will be passed to us as a gift so no stamp duty should be involved
Our son’s yearly capital gains exemption will more than cover the modest increase in the value of their share of the property.
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