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Avoiding stamp duty on part of an inherited property
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EM101_2
Posts: 2 Newbie
in Cutting tax
Hi all,
I am about to inherit 50% of my late parents estate with the other 50% going to my sibling.
The estate is roughly as follows:
Property £350K
Cash 150K
Total inheritance therefore £250k per sibling.
I would like to hold on to the property and compensate my sibling £100K to add to his inherited cash of £150k in order that we have the same benefit as intended. Assets are due to be divided by the solicitor as soon as we are ready.
My question is this;
Can this be done so that no SDLT is due? My solicitor seems to think SDLT would be due on the £100K at the second home rate (I am an existing homeowner)but someone else advised me that this is perfectly avoidable.
Any help is appreciated.
I am about to inherit 50% of my late parents estate with the other 50% going to my sibling.
The estate is roughly as follows:
Property £350K
Cash 150K
Total inheritance therefore £250k per sibling.
I would like to hold on to the property and compensate my sibling £100K to add to his inherited cash of £150k in order that we have the same benefit as intended. Assets are due to be divided by the solicitor as soon as we are ready.
My question is this;
Can this be done so that no SDLT is due? My solicitor seems to think SDLT would be due on the £100K at the second home rate (I am an existing homeowner)but someone else advised me that this is perfectly avoidable.
Any help is appreciated.
0
Comments
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Hi Eggha,
Thank you very much for your advice. I appreciate you spending the time replying in such detail and providing the relevant links.
Thank you!0
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