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Flu_strength_Darren
Posts: 40 Forumite
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
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
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Comments
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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?0
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Brother paid me.
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Ma and my brother were executors.0
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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?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
* 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.0 -
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?0 -
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?0 -
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 owner0 -
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.0 -
Pl yes it's stamp duty I'm curious about.0
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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.0
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