Inherited Property & Stamp Duty

martindias

I am one of 6 siblings inheriting our late mother's property. I have lived here for the last 4 years caring for our mother who has now passed away. We are now going through probate and I would like to fully buy the property i already live in.

We have had several valuations done to get an average at which we will agree a sale price, this is c. £370,000. As I inherit one sixth does this mean I pay Stamp Duty on the £308,333 I'll need to to buy the property?

:cool: So is the property £370k for stamp duty purposes or £308,000?

00ec25

SDLT is based on the chargeable consideration given
you are giving 308,000 to your siblings since you are not paying yourself in hard cash for your own share

https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm03720

Keep_pedalling

Are there any other large assets in the estate? If there are you could let your siblings take more of their share from those assets and you take a greater share of the property, which would leave you a lower sum required to buy the others out.

martindias

house contents valuation pending but i don't think it'll amount to much so the real asset is the house.

Thanks for all your ideas and comments