Stamp Duty: Buying half of parents house
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avram
Apprentice
Joined: 11 Oct 2006
Posts: 4
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 Posted: 01/15/08 - 09:38 Post subject: |
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| Hello, folks. I would like to ask you something. My parents live in a big house and since they are getting old, they don’t need the whole house for themselves. They would like to sell me half of their house. I would like to know what my stamp duty will be during this process. Will I have to pay it? |
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errol
Apprentice
Joined: 02 Dec 2007
Posts: 5
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| Posted: 02/14/08 - 00:55 Post subject: |
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| Hello, there. I had similar situation like you last year. The difference is that I bought the whole house from my parents. I had to pay stamp duty. Some people suggested me to buy house for a much smaller price just to diminish the value of stamp duty. The rest of the money I should’ve given to my parents as a gift. But, that wasn’t possible. This is considered as a fraud, so I had to pay the market value of the house. And I had to pay appropriate stamp duty. I hope this helps you. Best of luck! |
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