Gift home to daughter then buy another residenceMake Text Bigger
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 🙂
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.