buying other half of inherited house

nologo

My sister & I have inherited our late parents house, valued for probate at £260,000.Probate granted all ok.

A recent valuation has increased the value to £290,000. as my wife & I already own our home, second home tax will need to be taken into account, so as I already own half' of the inherited house do I pay tax on the £290,000,or£145,000 or something else? also how much will this be?

sorry for being so dim but out of my depth here.
I understand the additional tax can be reclaimed if we sell our main residence (within 3 years?) is that right.

Keep_pedalling

You don't pay stamp duty on inherited property. You may have capital gains tax on the increase in value if you sell the property, and if you are renting it out the will be tax to be paid on the income.

Edit - sorry I miss read the meaning of your post, if you buy the second half you will pay stamp duty on that portion of the property including the 3% for the second property. Your sibling will have a £15k gain so will have some CGT to pay.

You can claim the 3% back providing you sell your current home within 3 years.

nologo

Thank you for your reply Keep peddling.. so 3% + the standard stamp duty( 2%?) on £145,000 then