Stamp Duty Issue

[bob1976]

hello,
i bought a 1/3 share of a house in 2003 off my parents and paid no stamp duty as i was a first time buyer. my parents are now gifting me the remaining 2/3 of the house. Am i now liable for Stamp Duty ? there is no cash exchanging hands at this time as i paid them the full amount in 2003.

Thanks

 

[Vanilla]

From revenue website:

What is the position where a person, who had obtained first time buyer relief on the joint purchase of a house with another first time buyer, subsequently acquires the other joint owners interest in the house? A person who obtained first time buyer relief on the purchase of an interest in a house would not be precluded from obtaining first time buyer relief on a subsequent purchase of another interest in the same house provided that person has not purchased another house or part of another house in the intervening period.

Whether stamp duty is payable would depend on the value of the house.

 

[bazermc]

You may also have a gift tax liability depending on whether you have used your group tax free threshold
There is a an exemption from this tax where the individual is gifted a house that he/she has occupied for the 3 years prior to the gift and the individual did not have an interest in any other property at the date of transfer

Your parents may also have a CGT liability on the deemed diposal of their interest in the property notwithstanding the fact that they will not receive any proceeds