Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 2 weeks ago 35
15:51 PM, 11th January 2017
About 2 years ago
I have recently bought my first property (in Oct 16) for £50,000 with the intention of buy to let.
I have seen another house that I want to buy to let and want to give the house I bought in Oct to my sis in law as a gift. My sis in law already has 2 buy to let properties on her name and adding the Oct purchase would make it 3. Which would leave me with only one that I am considering buying.
There are no mortgages involved in any of the properties (me or my sis in law).
What are Stamp Duty implications for me and my sister?
My understanding is I would pay stamp duty at 3% on the new purchase, but should be able to reclaim once I have transferred the property to my sister in law.
Sis in law implication: My understanding is that because she is receiving a gift she wouldn’t pay stamp duty even thought this would be her 3rd property.
Can you please help and confirm.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agentsLearn More