If you purchased another property for which you paid but it is in your parents name and you have no interest in that property but you gifted it to them and you have no mortgage on it and they would be free to sell it and spend the money as they wished, and you then buy another house, there is no extra statute provided that is the only property.
The criteria is that you have to have no interest in the other property whatsoever that includes a deed of trust or a mortgage.
BUT if this is called into question, the revenue are going to ask you why you beatifically gifted this property to your parents and you would have to justify that. You would have to make sure that it wasn’t seen as a way of avoiding the extra stamp duty.
Don’t be at all surprised if the solicitor acting on your new purchase says that you have to pay the extra rate. If he does, there is no point in arguing, he’s going to have to send the circumstances to the Stamp Office in Birmingham raising the query and asking for a determination.
I have my opinion he may have his and they may be different but the only definitive answer will come from the Stamp Office.
Can I clarify anything else for you?
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