A transfer of property (other than shares) to certain relatives, (e.g.
parent, grandparent, step-parent, child, brother, sister, half-brother,
half-sister, aunt, uncle, niece, or nephew). Duty in such cases is payable
at half the normal rate applicable. This relief does not apply to
leases or to transactions involving in-laws and/or cousins.
Example
A mother gifts or sells her house, having a market value of £250,000
to her daughter who is a First Time Buyer. The stamp duty is charged
at 1.5% of the value of the property i.e. £3,750. If the property was
gifted or sold to a non-relative, the rate of duty would be 3% and the
stamp duty payable would be £7,500.