Question 1

Do I pay Stamp Duty on a gifted property?

Accepted Answer

No, SDLT is payable when a property is gifted with no money exchanged. However, if the buyer takes on an outstanding mortgage which exceeds £125,000, stamp duty becomes payable on that amount.

Question 2

Can stamp duty be negotiated in the sale price?

Accepted Answer

Not directly, but you will pay less SDLT on the lower purchase price you negotiate. You can also value fixtures and fittings separately to reduce the taxable property price.

Question 3

What happens to the SDLT if the sale falls through?

Accepted Answer

SDLT is only due on completion, so if the sale collapses beforehand, no tax is owed. If it falls through after payment in very exceptional circumstances, you may be eligible for a refund if certain conditions are met.

Question 4

Do you pay stamp duty on property you inherit and then sell?

Accepted Answer

If you decide to sell an inherited property, you don’t have to pay stamp duty. However, the buyer will be required to pay stamp duty based on the purchase price.

Question 5

Do I pay the surcharge if I buy and sell on the same day?

Accepted Answer

No. If your sale and purchase are complete on the same day, the higher rates are not applied because you don’t own property simultaneously.

Question 6

Do you need to tell HMRC when you sell your property?

Accepted Answer

Not for SDLT because it’s the buyer's obligation to pay and inform HMRC. In case a taxable capital gain arises, you must report and pay CGT to HMRC within 60 days of the sale.

Question 7

Does your solicitor handle stamp duty when you sell?

Accepted Answer

As a seller, you don’t need a solicitor for SDLT purposes. It is settled by the buyer’s solicitor. The seller’s solicitor’s role is handling contracts, transfers, and any CGT reporting if applicable.

Question 8

Do you pay CGT if you sell your only home?

Accepted Answer

Generally no. If you are selling your home that’s your main residence, Private Residence Relief exempts you from CGT entirely.

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