Q&As

If a married couple gift a property to a bare trust of which their parents are the beneficiaries (and the trustees are the parents and one of the couple), what are the stamp duty land tax (SDLT) consequences? If the couple purchased another property to live in would the Higher Rates of SDLT for Additional Dwellings apply to the transaction? Would this analysis alter depending on whether they bought this property before or after the gifting of the first property to the bare trust?

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Produced in partnership with Sean Randall of Blick Rothenberg
Published on LexisPSL on 06/02/2020

The following Tax Q&A produced in partnership with Sean Randall of Blick Rothenberg provides comprehensive and up to date legal information covering:

  • If a married couple gift a property to a bare trust of which their parents are the beneficiaries (and the trustees are the parents and one of the couple), what are the stamp duty land tax (SDLT) consequences? If the couple purchased another property to live in would the Higher Rates of SDLT for Additional Dwellings apply to the transaction? Would this analysis alter depending on whether they bought this property before or after the gifting of the first property to the bare trust?

If a married couple gift a property to a bare trust of which their parents are the beneficiaries (and the trustees are the parents and one of the couple), what are the stamp duty land tax (SDLT) consequences? If the couple purchased another property to live in would the Higher Rates of SDLT for Additional Dwellings apply to the transaction? Would this analysis alter depending on whether they bought this property before or after the gifting of the first property to the bare trust?

The gift would be a stamp duty land tax (SDLT) transaction. If the interest given is not a new lease of the property, the purchaser would be taken to be the couple’s parents. No

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