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Where Taxpayers and Advisers Meet

stamp duty

mill
Posts: 38
Joined: Wed Aug 06, 2008 3:42 pm

stamp duty

Postby mill » Wed Aug 21, 2019 12:22 pm

Several years ago my husband and I purchased a holiday home. At the time we drew up a declaration of trust in the names of myself, my husband and our two adult children which specified that the property was held in trust by the four for the benefit of only myself and my husband.

The purpose at the time was to preclude any risk of a claim on the property being made by our son’s wives that might arise should our sons be involved in an acrimonious separation

We have been advised that this declaration of trust currently ensures that, should our sons purchase a property in their own right, then their status as only trustees for myself and my husband, will ensure our sons will not be deemed to have previously been the owner or part owner of a property; and as a consequence they would be fully entitled to the advantages of a first time buyer and be exempt from the stamp duty surcharge imposed on those who already own a property in whole or in part.

Have we been correctly advised? The trust deed was drawn up shortly prior to registration of the property with H M land registry.

AGoodman
Posts: 886
Joined: Fri May 16, 2014 3:47 pm

Re: stamp duty

Postby AGoodman » Wed Aug 21, 2019 2:52 pm

Yes, that sounds right.

I'm not sure why you didn't just hold the property in your own names though. Hoping to avoid probate?


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