{"id":137159,"date":"2023-05-29T13:00:10","date_gmt":"2023-05-29T06:00:10","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/how-would-a-home-swap-affect-stamp-duty-and-inheritance-tax\/"},"modified":"2023-05-29T13:03:12","modified_gmt":"2023-05-29T06:03:12","slug":"how-would-a-home-swap-affect-stamp-duty-and-inheritance-tax","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/how-would-a-home-swap-affect-stamp-duty-and-inheritance-tax\/","title":{"rendered":"How would a home swap affect stamp duty and inheritance tax?"},"content":{"rendered":"


\nWe plan to exchange deeds and move into my mother-in-law\u2019s new \u00a3700,000 house and she will switch to our \u00a3600,000 oneQ I\u2019m hoping you can shed light on an odd situation. My mother-in-law is selling her home and, with the proceeds, is buying a new one for \u00a3700,000. My wife and I and our children will be moving into this new house, and my mother-in-law will move into our current home, which is valued at \u00a3600,000. We plan to formalise the swap by exchanging deeds. Are we subject to any land tax or inheritance tax as the difference between the properties is \u00a3100,000? There are no mortgages on either property as we all own our properties outright.RGA You will need to do more than just exchange deeds to formalise the swap. As with a normal house purchase, you will each need to use a solicitor to go through the standard conveyancing process. And you will have to pay stamp duty land tax (SDLT) on the market value of the property you are acquiring. Except that, according to the team of conveyancing solicitors at GB Law, because the properties differ in value, you will both pay SDLT based on the highest value of the two properties (so the value of your mother-in-law\u2019s new home). The SDLT would be based on the market value of each property if you \u201cpaid\u201d your mother-in-law your home worth \u00a3600,000 plus \u00a3100,000 in cash as a balancing payment. Continue reading…
\n
\nSource : theguardian.com
\nRead more…How would a home swap affect stamp duty and inheritance tax?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

We plan to exchange deeds and move into my mother-in-law\u2019s new \u00a3700,000 house and she...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-137159","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-zGf","jetpack-related-posts":[{"id":24495,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/non-muslims-must-register-wills-at-difc-courts-to-avoid-inheritance-issues\/","url_meta":{"origin":137159,"position":0},"title":"Non-Muslims must register wills at DIFC Courts to avoid inheritance issues","date":"August 31, 2016","format":false,"excerpt":"\r I jointly own numerous properties in Dubai with my wife. None of them are mortgaged and it shows on the title deeds that we have so many shares each. 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Until recently, this paradox appeared to make raising more money from inheritance tax a no-go zone. Yet leading thinktanks are now\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":128649,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/how-much-stamp-duty-do-i-need-to-pay-if-i-own-part-of-another-property\/","url_meta":{"origin":137159,"position":5},"title":"How much stamp duty do I need to pay if I own part of another property?","date":"August 15, 2022","format":false,"excerpt":"\r I want to know if having owned a share of a flat means I won\u2019t be treated as a first-time buyerQ I am currently renting with my civil partner and we are looking to buy our first property together. 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