Dear all, For context, I received a property from my parents. For personal reasons, my intent is to include my sister in the property, so she receives half the share of the house. The issue is, we don't want to pay stamp duty. I have thought about drafting an agreement/deed (though I'm not sure if that is effective for real property), OR alternatively grant a life estate and write her into my will, OR possibly selling small portions of the property to her (as a tenants in common until we reach 50% each). Has anybody come across this before or might have some insight to share about how to get around stamp duty? Regards, Diana
deeds giving an interest will be subject to duty. Giving a life estate might too. Lots of other issues to consider such as CGT and the main residence exemption and other legal issues. better seek legal advice
Gifting could also impact parents for several years if they have gifted a property. Note also that the parents will be treated by tax law as having sold the property to you at market value so this could also affect their tax position. Duty also is based on market value and a subsequent 50% transfer may result in 50% extra duty costs. Legal, tax and even financial advice focussed on the parents may be warranted. Legal advice should address the alternatives to a will since an inheritance (or two!) will be free of stamp duty
