• Extra Stamp Duty Due To Previous Gift Of Property

    By Guest on 31st Oct 2017

    My parents transferred (gifted) 80% share of the family home to myself in order to save on IHT payable on his estate. They both still retain 20% share. The property has a mortgage worth £88,000 which has my parents names and myself attached to it. It has been 3 years since the transfer. I now want to purchase another residential home for myself, and found out I'd need to pay the extra stamp duty tax for buying second properties. In order so I can get away with not paying the extra stamp duty, can I transfer back the family home to my parents? Then I can buy my residential home without paying the extra stamp duty, and then after that my parents can transfer most of the main family home residence to myself again? Please advise how I can get out of paying the extra stamp duty in this scenario. Also how long does a transfer (gift) take?

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