Scot54 Scot54

I am looking to transfer my main residence, and only property, to my son and daughter. I am mortgage free. I live in a holiday location so it will serve them as a holiday house and potential rental. I intend to buy a new main residence nearer them, to see them more often and to help me as I get older. I appreciate that if I wish to have use of my current house , perhaps for a week to two during the summer, after transfer I will have to pay market rent to ensure the transferred property stays outside my estate (assuming I live another 7 years). If I do the transfer before I buy a new main residence will I avoid paying the Additional Property Tax (I live in Scotland) ?

If we separate out the taxes mentioned in my question. I believe my son would pay CGT upon selling the property I had transferred to him and that would be based on the value he sells it less the amount I originally paid plus any costs I or he may have incurred in say extending the property during our ownerships. So I think I am clear on that aspect new. As to the first question I asked, would transferring my main residence (my only property with no mortgage) avoid me having to pay the second home additional stamp duty charge - I can't see any guidance that sets this out - maybe I am just missing it. I don't see why I should need to pay a second home charge if I don't have a home when I go to buy a new main residence. Obviously the timing of transferring before I buy a new main residence is more 'sensible' than transferring after I buy a new residence if doing so avoids paying the additional 2nd home SDLT , unless I could reclaim the second home additional SDLT on transferring after but within a certain period. Can you answer that specific point rather than point me to guidance which does not seem to cover this scenario. Thank you.

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.

If I transfer my main residence, my only property which has no mortgage, to my son before buying a new main residence will this avoid having to pay second home additional stamp duty charge ? Also when my son eventually sells it, hopefully many years from now, I assume he will pay CGT as it will be a second home for him. Will the CGT be based on the transfer value when I transfer it to him or will it be based on the original amount I paid for my current house. Does such a transfer have to happen before completion date of my new house or can it be done before 18 months have passed such that I could reclaim the stamp duty that would have been paid on purchase of my new home.