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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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If I give my son a house which I have currently let to a DSS

Resolved Question:

If I give my son a house which I have currently let to a DSS tenant. Would he have to pay any stamp duty.
If the house was vacant possession would the situation be any different especially if he was to take up residence .
I realise that there would/could be the 7 year gift liability.
Submitted: 2 years ago.
Category: Property Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

If the property is received as a gift there's no SDLT to pay, so long as there's no outstanding mortgage on it. But if the person who receives the gift takes over some or all of an existing mortgage, then SDLT may be payable if the value of the mortgage is over the SDLT threshold.

Alex Watts :

As for inheritance tax then yes, the usual 7 year rule applies.

Alex Watts :

But where someone takes over and there is a mortgage then Stamp Duty may be payable on that amount

Alex Watts :

Can I clarify anything for you about this today please?

Ash and other Property Law Specialists are ready to help you

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