Stamp Duty update

[Phil Norman]

A short while ago I posted a question on this ng about Stamp Duty. The specific point was about me wishing to sell my house to my daughter for a nominal amount sufficient to clear my existing mortgage - and whether or not Stamp Duty would be payable at the full market price of £150,000.

People on this group were very helpful, but no-one (understandably) was able to give a definite yes or no on the issue. I have since discovered that there is a specific Inland Revenue 'Stamp Duty Helpline' , and when I contacted them they were able to tell me that in my case no Stamp Duty would be payable.

Should anyone have a similar query the number is: 0845-603-0135.

Regards

Phil

[Ben Blaney]

This appears to be a good result - given that your objective is noble, rather than grubby. Good stuff.

Just think - if someone had posted that at the beginning of the thread, a lot of hot air might have been saved!

[Andy Dingley]

Collapse of Usenet predicted. Pictures at 11.

[Ed Sirett]

There are however a number of potential issues pertaining to CGT and possibly IHT planning and liability. The effect of which could make you rather regret not having transfered the property at its market value. =

However if this house becomes the primary residence of your daughter and you live at least 7 more years all should be OK. =