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
Should anyone have a similar query the number is: 0845-603-0135.
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.
Ed Sirett - Property maintainer and registered gas fitter.
The FAQ for uk.diy is at www.diyfaq.org.uk
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