Stamp duty on inherited house

RonsDaughter

My brother and I have inherited 50/50 share of a house. He is going to buy my share.  Are we right in thinking he will pay stamp duty only on the 50% he buys from me?
Thank you!

gettingtheresometime

Does he own a property already and what's the value of the 50%?

Keep_pedalling

Stamp duty will be due on the portion he is buying from you if it is worth more than £125k. As your brother already owns a home an additional 3% will be due on the amount he pays the estate for your share.

https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

That could be avoided if your mother had sufficient other assets so that you can still get an equal share with him getting the whole house from the estate, and you get your share from the other assets.

RonsDaughter

gettingtheresometime said:

Does he own a property already and what's the value of the 50%?

Hi, yes, he owns his own home and the house is valued somewhere between 190-205k. He probably won't sell his own house.

RonsDaughter

Keep_pedalling said:

Stamp duty will be due on the portion he is buying from you if it is worth more than £125k. As your brother already owns a home an additional 3% will be due on the amount he pays the estate for your share.

https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

That could be avoided if your mother had sufficient other assets so that you can still get an equal share with him getting the whole house from the estate, and you get your share from the other assets.

Hi yes, the who-gets-what has been sorted, and any shortfall will be made up by my bro from his personal funds. 
So, thanks for the info... just needed to clarify if stamp duty is on 50% or the full value.

getmore4less

If you have split the estate so others get cash then it can be arranged that SDLT is only on the difference they put in.