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Posted Fri, 15 Mar 2024 14:52:23 GMT by Scot54 Scot54
We have lived in our only house, main residence, for 11 years. We are looking to move closer to family and buy a new main residence. We are thinking of gifting our current house to our daughter to use as a holiday home (as a second home for her & her family). Q1. : If we complete the gift before buying our new house does this avoid the 2nd additional stamp duty ? Is there a time period after which this would not be the case ? Q2 : We believe there would be no CGT to pay on gifting but only when my daughter sells this (to her) second home. Is that correct ? 3. When my daughter sells this property as gifted, a second home for her, there would be CGT to pay. Would the CGT due be calculated based on the amount we paid on our initial purchase or the property value when gifted ? Thank you.
Posted Thu, 21 Mar 2024 11:55:15 GMT by HMRC Admin 25 Response
Hi Scot54 Scot54,
1. Please refer to:
Stamp Duty Land Tax
2. You are correct.
3. The value when gifted.
Thank you. 
 

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