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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 8118
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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My sister and I own a family holiday flat, I want to gift my

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my sister and I own a family holiday flat, I want to gift my half of ownership to my sister. Will she be liable for Stamp duty-land tax if no money changes hands?
JA: Have you talked to a tax professional about this?
Customer: No
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: the flat is second home to both of us, neither of us live in it and have permanent homes elsewhere in the country.

Hello and welcome to JustAnswer. I’mCustomer a UK qualified accountant. Reviewing your question and will respond to you shortly. Many thanks

Customer: replied 15 days ago.

Thank you for your question.

There is no SDLT payable if there is no consideration, i.e. you sre gifting your share of the property to your sister.

You should be mindful of the fact there may be CGT payable by you if the value of your share is higher than the price your paid for it at the time of puchase.

My aim is to give you a professional service. I hope this is helpful and answers your question.

If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 15 days ago.
I am aware I will have to capital gains tax on the increased value of my half of the property. I am asking about stamp duty-land tax, would my sister be liable to stamp duty if she has not paid for my share (which will have increased in value), I am gifting it to her. ?

Thank you for your reply.

I have already answered this bit..there is no SDLT (stamp duty) payable as she is not paying any money to get your share of the is a gift.

I hope this is helpful and answers your question. and other Tax Specialists are ready to help you
Customer: replied 15 days ago.
sorry it had been pushed off the page by all the other pop up boxes. Thank you very much

Thank you for your kind words.

If there are no other issues I will appreciate if we could regard my responses/answer to this question as accepted.

Many thanks

I thank you for accepting my answer.

I'm glad I could help you resolve this today. Please follow up here if you have any other questions.

Best wishes.