Commercial
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If 2 partners own a site and 1 of the partners wishes to walk away from the site and transfer the sole ownership to the other partner with no transfer of funds. Is there stamp duty to be paid?
Stamp Duty on transfer
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Brendan Burgess
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Yes. The stamp duty is on the market value of the site.
There would also be CAT if there is a gift. If there is a mortgage transferring as well, there might not be a "gift".
Brendan
There would also be CAT if there is a gift. If there is a mortgage transferring as well, there might not be a "gift".
Brendan
Commercial
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Is there CAT if there is not a gift? Basically one partner is transferring the site to the other partner who is also taking over the mortgage
Brendan Burgess
Founder
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- 54,875
If the site value transferred equals the mortgage , then there is no transfer of value, so there is no gift and no CAT.
On reflection, I did hear it argued some time ago, that as there was no transfer of value, then there should be no stamp duty. I think it may have been a challenge to the Revenue's interpretation of the law. I don't know if it got anywhere.
On reflection, I did hear it argued some time ago, that as there was no transfer of value, then there should be no stamp duty. I think it may have been a challenge to the Revenue's interpretation of the law. I don't know if it got anywhere.