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Stamp Duty confusion...
Comments
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No, but if I did give him something for it then we'd be in exactly the same position as we are now but I won't have paid a penny in SD.
I wonder how many people do that instead...
I wouldn't have thought very many people would do that as you would have to be very trusting even if it was your son or daughter - you just never know. What if, after you gave away the property, the person you gave it to wasn't able to get a mortgage?0 -
What I find most interesting is I could entirely avoid stamp duty by getting my dad to gift me the house for nothing, then mortgaging it and giving him £140k. What a crazy system.
HMRC are very likely to consider that tax evasion, unless you are planning on there being years between the two events. The two transactions are still linked, even if not done simultaneously. The taxman really is not that stupid and there really are very few loopholes left. A gift has no expectation for anything in return, your scheme there is an expectation even if you haven't documented that, what you suggest is more like a loan.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
HMRC are very likely to consider that tax evasion, unless you are planning on there being years between the two events. The two transactions are still linked, even if not done simultaneously. The taxman really is not that stupid and there really are very few loopholes left. A gift has no expectation for anything in return, your scheme there is an expectation even if you haven't documented that, what you suggest is more like a loan.
Makes senese. I'm not doing that, just wondered why they'd leave such an opportunity open.
Are we any closer to a resolution of what I should pay? I'm thinking go with the lower (and jot down the name of who told me) and then if they come after me for the difference I'll pay it. I'll have acted in good faith and followed the advice of their representative.0
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