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Ending co-ownership

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peterade
peterade Posts: 13 Forumite
Part of the Furniture First Post Combo Breaker
in House buying, renting & selling
My son and I co-own a flat which he no longer needs a part of. If he gifts his share to me will I have to pay any tax or other fee? Also, surely since we already own it I won't have to pay extra stamp duty.

Thanks for any info.

Peter

Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If it's genuinely a gift (i.e. you're not taking on his liability under any mortgage) then the consideration is nil and there is no stamp duty payable.
  • xylophone
    xylophone Posts: 45,597 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Is the flat your son's PPR?
    If not, is there any question of a CGT liability for your son?
  • peterade
    peterade Posts: 13 Forumite
    Part of the Furniture First Post Combo Breaker
    edited 29 April 2016 at 4:37PM
    Basically I bought the flat for my son but we had it on joint ownership. He's now self dependent and want's to give it back to me but now I need deeds changed from joint ownership to my solo ownership.
    Thanks guys
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