Are there any tax implications to me or my son if my son gifts 50% of our holiday home back to me. I gifted him this 50% over 5 years ago. The value of the property has hardly changed and is relatively low (total £95k). He no longer wishes to have his name on the holiday home especially as there are stamp duty implications if he buys himself a house to live in.
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In answer to your question, yes, you do need to take some professional advice.
You could use the same accountant that you used when you made the original gift.
Did you do the original 50% transfer by yourself or did you use a solicitor?
Do make sure that your son is not charged with a criminal offence from which a benefit is obtained (fraud, theft, tax evasion, drug dealing, etc) in the six years following the date of the transfer back to you. (If he is, the value of his 50% share in the property could be taken into account in Crown Court proceedings.)
Are you going to give him half back after he's bought his own house and saved the 3% SDLT?