I'm the Executor of my father's estate and my solicitor has given me some advice which I just want to double check. Sorry in advance for the length of this post........
Basically under the will I get a share of the residue of the Estate - my portion was about €40K. Part of the residue was a plot of land. I bought the plot of land from the Estate for €90K. Instead of paying the Estate the €90K from my own pocket, I gave the solicitor a cheque for €50K and said the balance should be paid from the residue which I should receive. This means I will receive no cash from the Estate but I've acquired the plot of land for €90K.
The solicitor drew up the transfer documents but instead of a sale agreement he has used an Assent in order to transfer the plot of land to my name. He further explained that if we use the Assent then I do not have to pay any stamp duty on the transaction. I signed the forms and he has submitted them to the Land Registry.
When I later queried this again with him he explained (in writing) "the reason for using the assent as a method of transfer was that you are a beneficiary under the Will".
This is the bit I'm confused about. Yes, I'm a beneficiary but not specifically of the plot of land (but instead just a share of the residue). Were we correct to use the Assent in this situation and is it correct that no Stamp Duty is not liable cause we have validly used an Assent?
I'm just worried that his action is incorrect and I will have to pay the Stamp Duty with interest and penalties at some future date.
Basically I want to know:
(1) Are we allowed use the Assent for the transfer?
(2) If yes, is any Stamp Duty payble. For me there are three options:
(a) No stamp duty liability, or
(b) Stamp duty liability on the €50K I paid from my own pocket for the plot of land, or
(c) Stamp duty liability on the whole €90K I paid for the plot of land (from my inheritance and from my pocket).
Basically under the will I get a share of the residue of the Estate - my portion was about €40K. Part of the residue was a plot of land. I bought the plot of land from the Estate for €90K. Instead of paying the Estate the €90K from my own pocket, I gave the solicitor a cheque for €50K and said the balance should be paid from the residue which I should receive. This means I will receive no cash from the Estate but I've acquired the plot of land for €90K.
The solicitor drew up the transfer documents but instead of a sale agreement he has used an Assent in order to transfer the plot of land to my name. He further explained that if we use the Assent then I do not have to pay any stamp duty on the transaction. I signed the forms and he has submitted them to the Land Registry.
When I later queried this again with him he explained (in writing) "the reason for using the assent as a method of transfer was that you are a beneficiary under the Will".
This is the bit I'm confused about. Yes, I'm a beneficiary but not specifically of the plot of land (but instead just a share of the residue). Were we correct to use the Assent in this situation and is it correct that no Stamp Duty is not liable cause we have validly used an Assent?
I'm just worried that his action is incorrect and I will have to pay the Stamp Duty with interest and penalties at some future date.
Basically I want to know:
(1) Are we allowed use the Assent for the transfer?
(2) If yes, is any Stamp Duty payble. For me there are three options:
(a) No stamp duty liability, or
(b) Stamp duty liability on the €50K I paid from my own pocket for the plot of land, or
(c) Stamp duty liability on the whole €90K I paid for the plot of land (from my inheritance and from my pocket).