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Claiming 3% SDLT surcharge by disposing off property (gifting)
Anu22
Posts: 3 Newbie
I moved to a new house 2 years back and was unable to sell my old house which was mortgage free. I had to pay 3% surcharge on SDLT for my second home, but I was told that as long as I sell my first house within 36 months, I will be able to claim refund on SDLT. Now due to Brexit and Covid issues I cannot find a suitable buyer.
In this situation if I dispose off my first property by gifting it to my child, will I be able to get the SDLT refund?
In this situation if I dispose off my first property by gifting it to my child, will I be able to get the SDLT refund?
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Comments
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how old is your "child"?
if >18 years old do you, as a parent, wish to wreck their chance of buying their OWN property as a first time buyer?0 -
He is 23 years. He really likes our old home and he wants to live there.0
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1) Surely a free house is worth more than first time buyer stamp duty exemption (assuming they would even qualify, I didn’t).oldbikebloke said:how old is your "child"?
if >18 years old do you, as a parent, wish to wreck their chance of buying their OWN property as a first time buyer?
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Be aware of it falling back into your estate if you die with 7 years.
Mortgage started 2020, aiming to clear 31/12/2029.1 -
You would be gifting a property that is no longer your PPR - any CGT implications?0
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