• Title Deed - Historic Transfer

    By Guest on 05th Dec 2016

    Hi..
    A family is looking to transfer title deed of agricultural land from father to son and daughter.
    About 10 years ago, both son and daughter paid off all existing debt on the land, but no effort on completing a title transfer took place..until now. All parties are happy for this to be done, nut never considered it until now.

    If deed transfer was now to be completed, Would this be seen as a gift and possibly fall under the 7yr rule (under IHT) if the father passes away, or would it be liable to stamp duty instead?

  • 1 Answers

    By Guest on 07/12/2016

    Stamp duty is paid on the actual consideration paid so if no money changes hands now no duty will be payable. Could it be seen as a gift by father for IHT purposes? Yes but it might be possible to avoid it. I recommend speaking to a probate lawyer for some expert help.

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