AP1 Panel 4

Hello,

Half a share of the property is being transferred to me by gift. The market value of the property is 400,000.
Can someone please check/correct the entries under each of the boxes please?
applications in priority order: “TR1- transfer of share by gift, full market value £400000”

Price paid/value:”200,000”

fees:”70”

I wasn’t sure if value was value of half the property or value of whole property. Thanks in advance 

Hello - if the transfer is from a sole name to the same name and one other then you state the Full value in panel 4 as you state and pay a Scale 2 fee on half that amount 
If half the current value is £200K then the fee is indeed £70

Thanks I already own the other share so it’s joint to sole. just to clarify, should I add the 400,000 to the first box and 200,000 to the second? Or is there no need to add 200,000 anywhere?

Serin o - noted and it works the same way for both be it 2 to 1 or 1 to 2 in transfer terms. You simply state 'Full value £400K' and pay the correct amount. You don't then have to show the 'maths' for the working out so no mention of £200K for example

Thanks!