Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 2 weeks ago 35
In short, is it legal to buy another main residence then gift the previous home to your infant child who then rents that out as a Buy To Let (subject to amending the current mortgage to be a buy to let and also having the property in Trust and paying the usual taxes on income over and above what a child can legally earn).
Is that a) legal and b) a way of moving to another property but keeping the original house without paying the additional 3% SDLT on the purchase of the new property?
Please don’t shoot me down if this is evasion/avoidance, etc. I’m so above board it’s crazy but I just wondered whether the above scenario would work and as gifting is technically disposing then I think HMRC would be okay with it.
In the end I want to move house but keep my current house as a rental investment and as I’m moving into the new one I’d rather not have to pay this silly increase in SDLT as it WILL be my only home.
Any help/advice will be appreciated 🙂
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