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Stamp duty
Shortie1975
Posts: 1 Newbie
Hi all.
I purchased my first home in July 2018 and paid £3100 in stamp duty, the conveyance solicitor asked if I owned other properties and advised yes, as several years previously to this my parents transferred the ownership of their home to me and my brother. They are still living so should the stamp duty have been paid?
I purchased my first home in July 2018 and paid £3100 in stamp duty, the conveyance solicitor asked if I owned other properties and advised yes, as several years previously to this my parents transferred the ownership of their home to me and my brother. They are still living so should the stamp duty have been paid?
0
Comments
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Yes, this is just one of the pitfalls of dumb schemes that try to avoid having to pay care costs.2
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Also as the parents are still living in the property it remains as part of their estate for Inheritance Tax purposes (as a Gift with Reservation of benefit) and is building up a Capital Gains Tax liability for the children for when the property needs to be sold.Keep_pedalling said:Yes, this is just one of the pitfalls of dumb schemes that try to avoid having to pay care costs.
Generally a bad move all round.....2
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