Are We Liable To Stamp Duty?

[themorrigan]

Simple question: If at a later date I wanted to swap ownership of my house with that of one of my children would we have to pay stamp duty even if no money was involved. Both houses are valued well over the £125k threshold.

[Buenchico]

I've just been reading through the SDLT pages on the HMRC website and, as I read it, SDLT would need to be paid. (i.e. I can find no relevant exemption).
http://www.hmrc.gov.uk/sdlt/reliefs-exemptions/no-sdlt-return.htm

However a simple phone call should be able to get you a definitive answer (which will hopefully find that I've got it wrong!):
http://search2.hmrc.gov.uk/kb5/hmrc/contactus/view.page?record=6hAFOpcmkio

Chris

[themorrigan]

Thanks Buenchico they try and shaft you every which way don't they? lol! I'll try that link -thanks.

[themorrigan]

I've just called them and you were right, they base the calculation on market Value. Having said that they had no idea if I needed a formal valuation or could just put what I thought was market value on the form.