Is SDLT payable on a gift of property?
“Mum and Dad own house, mortgage free and intend gifting 1/3rd share to son, who already owns his own property. Nil consideration and no mortgage. Does he pay SDLT and at increased rate for the value of the gifted share?”
Source: BLG Member
No. There will be no SDLT charge as there is no chargeable consideration.
At the time of publication this response was correct however as tax legislation and practice change from time-to-time you should take specific advice before taking any action.
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