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Do I have to pay the 3% stamp duty?

Home Forums Patrick Cannon Do I have to pay the 3% stamp duty?

This topic contains 3 replies, has 1 voice, and was last updated by  Dominic Crilly 7th July 2017 at 7:39 am.

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  • #851 Reply

    Danny R

    About 10 years ago my grandma signed her house over to me and my brother. The condition is that she would live there rent free as long as she wished. The house is mortgage free and I don’t gain anything financially or otherwise from this property, and my grandma is currently still living there.

    I’m living in rented accommodation currently and me and my girlfriend are wanting to buy our first home together (both of us are first time buyers). She still lives at home with her parents.

    With me being a part owner of an existing property will we have to pay the higher 3% stamp duty?

    #852 Reply

    Patrick

    Danny, unless your grandma has a lease over the house you received from her with more than 21 years unexpired then you will have to pay the additional rate on a fresh purchase.

    #853 Reply

    Stephen Griffiths

    I was just wondering whether the “signing over” was documented as a trust arrangement so that Danny and his brother are trustees of an IIP so that para 10(3) Sched 4ZA applied. Just a thought.

    #854 Reply

    Dominic Crilly

    Presumably Danny R and his brother could create an IIP now (there would be CGT and IHT issues to consider).

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