Stamp duty on inherited property?

shimmerinlights

Keep_pedalling said:

shimmerinlights said:

Thanks for all your responses. So it looks like I do have to pay some amount of SDLT. The next question would then be as I inherited 50% share of the house valued at £425k, and I'm buying the remaining 50% for 212.5k is it this amount that will be taxed rather than the entire 425k value of the house? 

Was the house the only asset in the estate? If not see my earlier post.

There were some other assets which pushed up the total value of the estate a little but as this has all been reported to HMRC I don't think any rejigging is possible. Thanks anyway. 

shimmerinlights

Keep_pedalling said:

shimmerinlights said:

Thanks for all your responses. So it looks like I do have to pay some amount of SDLT. The next question would then be as I inherited 50% share of the house valued at £425k, and I'm buying the remaining 50% for 212.5k is it this amount that will be taxed rather than the entire 425k value of the house? 

Was the house the only asset in the estate? If not see my earlier post.

There were some other assets but the valuation for the property has already been carried out and reported for IHT. 

poppystar

It’s a rejigging of the Will that is being suggested not of the house value which is what it is. So if a third of entire estate was going to each of you and the house was a third of the estate then you could have the house and the others the other assets. If the house was more than a third of the estate then you would still have to buy some of it but if you take no cash yourself then that could reduce the amount you are effectively buying out. 

shimmerinlights

Thanks, that is very interesting. 

jonnydeppiwish!

shimmerinlights said:

Thanks for your replies. So if the SDLT threshold standard rate is 0 under 250k then I assume I will only be liable for the 3% second home rate? 

I think I’m correct in saying you’ll pay around £6,400 in stamp duty.