2nd Property? - Stamp Duty

pjcox2005

dcrep wrote: »

Thanks SDLT Geek.
I think I'll get some professional advice as you and 00ec25 have mentioned.
Correct. My name is on the title, but all along expected the relative to benefit.
They put in all the equity on initial purchase. They make and still do all of the repayments.

Didn't realise you could set up a trust for this sort of thing. Appreciate the heads up.

The beneficial interest side is what me and the relative had intended.

As an aside, I've found I have to be prepped before speaking to accountants. Sometimes pointing them in the right direction. I know some are better than others though. My experience has been with an accountants for IT consultancy. This feels outside their area of expertise.

I know it's a flippant point on accountants but of course you need to be prepared in terms of being clear on the situation (ownership type etc). You've already seen that asking do I have a CGT bill on a property I gift to a relative, is very different to do I have a CGT bill on a property I gift to a nephew. You shouldn't have to do "tax" reading as long as you ask the question whether they advise regularly on personal CGT and SDLT on residential property.


I'd be surprised if you don't have to be prepared when speaking to an IT professional as the solutions are going to vary by even greater margins if you're not prepared and specific on what you want.

dcrep

You're right pjcox2005. I'm finding I have to ask the right question(s). And will definitely be asking about them advising regularly on CGT and SDLT on residentials.

Not meaning to be flippant btw. More a personal experience.
As an IT professional I'd expect communication/questions between parties backward and forwards to find a solution. This thread has been very useful and is a good example.
I guess it depends on how "specific" specific is...."I want an IT system that allows me to book flights"...."I want to buy a house"