Matilda owns her main residence in her sole name but lives there with her partner Luke. Matilda and Luke do not own any other dwellings. Matilda now wants to transfer a half share of her dwelling to Luke for no monetary payment but they will be taking out a new mortgage in joint names.
No LBTT will be payable as there has been no assumption of an existing debt (as it is a new mortgage) so there is no chargeable consideration. No LBTT return is required.
Information on debt as consideration can be found in LBTT2003