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Stamp Duty on House purchase where I already have a share of the house
referee1
Posts: 6 Forumite
Hello
I have been left a 5th share in my parents house that is valued at £300,000.
I am planning to buy the house from the executor.
Do I get charged Stamp duty on the full amount of £300,000 or on the amount that I will actually pay which will be £240,000 (the full amount less the fifth share that is already mine from my legacy)
If I have to pay the stamp duty on the full amount then I will need to reduce my offer as its a reasonable sum of money.
I plan to call the Stamp Duty helpline to check without giving my name as well
Thanks
I have been left a 5th share in my parents house that is valued at £300,000.
I am planning to buy the house from the executor.
Do I get charged Stamp duty on the full amount of £300,000 or on the amount that I will actually pay which will be £240,000 (the full amount less the fifth share that is already mine from my legacy)
If I have to pay the stamp duty on the full amount then I will need to reduce my offer as its a reasonable sum of money.
I plan to call the Stamp Duty helpline to check without giving my name as well
Thanks
0
Comments
-
SDLT is not chargeable on inheritance so you'd be liable on only the 240k because you did not originally "buy" the 20% share you currently own so do not fall under the linked transaction / staircasing rule0
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