3% Stamp Duty surcharge if gifting property to son who owns home in Spain?Make Text Bigger
My son lives in Spain and owns a property there. I recently downsized and moved to a property I already owned (it was let).
I would like to gift my son a small Buy to Let property in London, which I could manage while I am still able to, and then hopefully save on inheritance tax, if I manage to live at least 3 years.
I read in last Sunday’s Sunday Times (14 January 2018) that if you own a property abroad (even a holiday home), you have to pay the additional 3% stamp duty land tax, if you buy your first property in the UK.
Has anyone come across this rule?
There seems to be quite a lot of uncertainty about the tax rules, so it is hard to know if this is true.
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