Does anyone know about the new stamp duty rules for BTL. My main question is does anyone know if it will be applicable if the property is gifted/willed to another party. My Father in law, wants to gift his BTL (which was previously his house, but he moved in with his partner and decided to keep the property and let out) to his two sons. The property is not mortgaged and is worth about £150,000. I know previously there is no stamp duty applicable on gifted properties, but cant see if this has changed in this new tax statement.
This is by no means a definitive answer as there is often a few tweaks to the tax treatments to these 'hurried in' rules, in fact I believe this to be under review until next month and then more details will be forthcoming in the March budget. My assumption is that this will be outside the new rules if it forms part of his estate, inheritance tax generally takes precedence over other taxes. If he is likely to gift the property under 'Potentially Exempt tax' rules then to be certain of not being stung perhaps he should do this prior to April when the rules come in.
