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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17163
Experience:  International tax
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In 2007 My wife and I bought a plot of woodland next to our

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In 2007 My wife and I bought a plot of woodland next to our home for £85K.We were unable to get planning permission to build in the woodland, but it gave us access to our long back garden. We've now got planning permission to build a single home with a granny annex in the bottom of our garden . When built it will become the main residence for us and our daughter. We are bringing the plot to the table and our daughter is financing the build from the sale of her home and extra finance through a self build mortgage. When complete we'll sell our main residence and all live together. We are transferring title and eventual ownership as a third to me, two thirds to our daughter.I understand there are no implications for capital gains as it will become our main residence. In the transfer of title we have to specify the consideration our daughter is bringing to the plot ARE THERE ANY IMPLICATIONS FOR STAMP DUTY FOR OUR DAUGHTER OR DOES SHE NEED TO PAY US A CONSIDERATION FOR THE PLOT WHICH NOW WE HAVE PLANNING PERMISSION IS WORTH £250k ? We didn't transfer title earlier because it was in doubt that we would ever get planning permission but our daughter took the risk and spent about £25k in fees on architects,ecologists,solicitors, arboriculturists etc.
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Hello and thank you for allowing me to assist you.
Stamp Duty Land Tax (SDLT) is generally payable on the purchase or transfer of property or land in the UK where the amount given is above a certain threshold.
Some land and property transactions are exempt from Stamp Duty Land Tax (SDLT) and don't need to be notified to HM Revenue & Customs (HMRC) on an SDLT return. These include:
transactions where there is no chargeable consideration
property that's left in a will
transfers of property in a divorce or when a civil partnership is dissolved
Property or land may be given away or the ownership transferred to another person for no 'chargeable consideration'. This means there is nothing in money or monies worth given for the transfer. This type of property transaction is exempt from SDLT and HMRC doesn't need to be notified.
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17163
Experience: International tax
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