• Land Sale (way Back In 2006)- Transfer Of Title 11yrs Later!. Tax Implications?

    By Guest on 10th Apr 2017

    Hi,
    My sister and I bailed out my father back in 2006 on a loan on a smallholding. The intention was to transfer title to both of us in return....we never did do the title transfer.
    Roll on 11 years, we thought it was about time to get on with it....are there tax implications? The land was purchased/bailed out father, for £50,000 and the land was worth £280,000 back in 2006.

    any advice would be greatly appreciated.
    thnx

  • 1 Answers

    By Guest on 11/04/2017

    If you date the transfer 2006 then you will be liable to HMRC for 11 years of late filing penalties (because your SDLT return will be dated 2006). The penalties have changed over the years, once upon a time it was £100 a month but now I think it's capped at £200, not sure when it changed though.

    If you date it now you will be subject to the current SDLT rates - the calculation is based on what you pay rather than the value so there wouldn't be any SDLT to pay. Not sure about any other tax.

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