Is Stamp Duty payable if the property is gifted to the company by the owner?
Done some reading - might be because its friday but I cant get it clear in my head!
Replies (6)
Please login or register to join the discussion.
Theoretically - because of a defect in the legislation - it is possible to avoid SDLT by forming a partnership and then incorporating the partnership. As a professional adviser, now under a duty not to advise actions that are against the intention of Parliament, I would not advise that particular course of action.
Of course, if the client happens to come across it himself during the course of some research ...
You are correct that no stamp duty will be payable, but only because stamp duty is not chargeable on transfers of property. But assuming that you mean SDLT (as I assume the OP also means) you may want to check the rules on transfers of property to connected companies.