Stamp duty due?

Flu_strength_Darren

My situation is I'm buying a property for £200,000.

I have never owned a property, my mother left me her share of the family house, the other share was my father's Tennant's in common.i never registered my interest and sold it to my brother for £75,000

Am I liable to pay stamp duty on my purchase?

Rgds

foxy-stoat

Depends how the executors administrated your Mother's Estate at the time. Did the money come from your brother directly or did your brother pay the executors who paid you?

Flu_strength_Darren

Brother paid me.

.

Flu_strength_Darren

Ma and my brother were executors.

G_M

Flu_strength_Darren wrote: »

My situation is I'm buying a property for £200,000.

I have never owned a property, my mother left me her share of the family house, the other share was my father's Tennant's in common.i never registered my interest and sold it to my brother for £75,000

Am I liable to pay stamp duty on my purchase?

Rgds

Please provide more detailed explanation of the process. and timescales. eg did you sell to your brother before or after the Estate was wound up?

* date of death
* date of Probate Grant
* date of sale? A week later? 5 years?

* how did you sell to your brother if you 'never registered my interest' - it was not yours to sell!
* or did the Executers sell? Who signed the TR1 you or the Executers?

But mostly I'm confused by your question:
* you sold to your brother but you ask:
* "Am I liable to pay stamp duty on my purchase"?

So.... did you buy or sell????

SDLT is only paid on a purchase, not a sale.

pinkteapot

I think property OP is buying is a different property to the family home. It sounds like OP at one point owned part of a family home which they sold to their brother. So they do not currently own property.

They're now - unrelatedly - buying a house at £200k and are asking what stamp duty will be due.

Does their interest in the previous family home mean they can't get FTB stamp duty relief?

Flu_strength_Darren

My mother left me her 50% share.
Tennant's in common my father lived in house for 2 years after mother's death.
My father moved out and we decided to sell property, for sentimental reasons my brother bought it.
My mother git half the sale, I got the other half.
Nothing was ever registered in my name.
I'm now buying new property, so will I be liable for capitol gains tax.
Probate was granted to myself, me and brother executors of will.
I believe legally it was my father who sold the property as he was legal owner?

Flu_strength_Darren

think property OP is buying is a different property to the family home. It sounds like OP at one point owned part of a family home which they sold to their brother. So they do not currently own property.

They're now - unrelatedly - buying a house at £200k and are asking what stamp duty will be due.

Yes, with point being I was never registered as owner

pinkteapot

You won't be liable for capital gains tax - you pay that when you sell a property (not one that was your main residence).

You may be liable for stamp duty - I don't know whether you still count as a first time buyer or not but more knowledgeable people will be along soon.

Flu_strength_Darren

Pl yes it's stamp duty I'm curious about.

foxy-stoat

OP is asking if they are a First Time Buyer in the HMRC eyes

Chapter 3: Definition of a first time buyer
In order to count as a first time buyer, a purchaser must not, either alone or with others,
have previously acquired a major interest in a dwelling or an equivalent interest in land
situated anywhere in the world.
This includes previous acquisitions by inheritance or gift, or by a financial institution on
behalf of a person under an alternative finance scheme.
Relief is not denied by virtue of a previous acquisition as a trustee unless the purchaser was
also a beneficiary of the trust.
Relief is also not denied if the purchaser owns or has previously owned non-residential or
mixed-use property, as long as that property did not include a dwelling.
This restriction does not apply where the interest acquired was the grant or assignment of a
lease with less than 21 years to run.
If the property is purchased jointly, all the purchasers must meet these conditions.

From what the OP has stated, i would say they are not a first time buyer, but I would run this past your solicitor and see what they say.

If your brother paid you directly for your share of the property that was left by your Mother then I would say you have owed a share of a property - 25% may or may not be a major share, again a question for your solicitor. If the executors sold the property and the Estate then sent you the funds from the executors account, then I would say that you have never owned part of a property.