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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10576
Experience:  FCCA FCMA CGMA ACIS
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I am trying to find a way to minimize our stamp duty

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Good afternoon, I am trying to find a way to minimize our stamp duty implication for the purchase of our new home. A few years ago my husband's father gifted my husband and his brother a house to share. Will this cause us to pay the 3% surcharge on our stamp duty the the new home we are completing on this month?
JA: Have you talked to a tax professional about this?
Customer: Not yet
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: No

Yes it will, sorry, the surcharge is to deter you from owning more than one residence world wide. If the duplicate dwelling is disposed of within three years you can apply to have the surcharge extinguished.

Customer: replied 6 days ago.
Thank you. Is there anything we can do? Sign over my husband's share to his brother and sign it back after a period of time has elapsed?

A possible solution.

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