changing over a piece of land from one name to another

[smiler87]

my future father in law is giving us a piece of land and we are in the process of changing the name on the deeds. we were wondering that seeing as no money is changing hands is there any tax to pay or anything else we need to no about this?

[Buenchico]

Stamp Duty Land Tax is not payable when land is transferred as a gift (as long as there's no outstanding mortgage on that land):
http://www.hmrc.gov.u...nsfer-ownership.htm#4

Chris

[Barquentine]

There is no SDLT (stamp duty) and there is no longer any requirement to 'self-certify' (which meant filling in a form - a certficate - to tell HMRC no stamp duty was payable).
If the property is your f-in-law's main residence there's no Capital Gains Tax - but if not there may be CGT to be paid. Even if no CGT payable it may be sensible to get a valuation of the land done since if/when you sell the CGT would be based on the uplift from its value on date of transfer to you.

[buildersmate]

There cannot be any CGT to pay because the land has been gifted - no gain, no CGT, QED!
To do the thing properly, the land ought to be valued on gifting because in the unlikely event of the FIL not surviving for 7 years after the gift, some proportion of the value of the land should be declared by the executors as a gift (its a gift with reservations in HMRC speak). This could then impact whether IHT was due on the value of the land.
Ordinary decent-quality agricultural land that has no prospect of planning consent for development in worth around £5k per acre.