Stamp Duty

A question about : Stamp Duty

Question for you all.

My parents house is currently for sale at Ј320,000. It is now out of contract with the estate agent.

Are they legally allowed to sell it to me for Ј249,995 and therefore leave me paying 1% stamp duty?

Finally would it be legal to give them a tax free gift (Ј10,000?) once a year for 7 years?

Any thoughts on doing this legally?

cheers

Mark

Best answers:

• I think solicitors have to look out for any house purchases that appear to be undervalued or priced to avoid stamp duty and alert the Inland Revenue or something at present. I could be wrong though, might be worth speaking to CAB or someone about potential ways to complete this i.e. transferring deeds to yourself in exchange for cash gifts like you say