• Trust/tenants In Common/ Joint Tennancy

    By Guest on 24th Sep 2023

    My dad is downsizing, and we have discussed putting the new house in 3 daughters name to avoid probate when he dies, will we all have to pay stamp duty? And is there a 7 year issue

  • 1 Answers

    By Guest on 28/09/2023

    If there is no mortgage on the property currently, and no money will change hands then there will be no SDLT. The "7 year rule" basically says that if your father dies within 7 years you may have to pay inheritance tax on the property. You may create a capital gains liability for the difference in value between now and when you eventually sell and you should speak to an accountant about that. Be aware that if your father has t go into the care home which has to be funded by the council, the council may question whether the point of the transfer was to avoid care home fees. they do have the power to reverse the transfer in certain circumstances

  • Post Your Answer


  • Do you want to be informed of further comments / replies? Yes No

Ask a Question

Search