Hello there
I am looking for a steer on something and I am hoping someone might be able to assist.
If my sister and I inherit the family home from my mother upon her death and I decide to buy out my sisters share am I correct in thinking the following
1. Stamp duty is payable on the transfer of my sisters share to me. This stamp duty is payable at 50% of the normal rate (transfer between relatives) and is based on the value of her share (not full value of property). However – if I am a first time buyer, there is no stamp duty payable.
2. My sister will be liable to CGT based on the sale price less the value of the property at date of my mother's death - not the original price paid by my mother/father in 1972.
3. Am I correct in thinking that no stamp duty is payable when property is acquired as part of an inheritance.
Many thanks indeed
I am looking for a steer on something and I am hoping someone might be able to assist.
If my sister and I inherit the family home from my mother upon her death and I decide to buy out my sisters share am I correct in thinking the following
1. Stamp duty is payable on the transfer of my sisters share to me. This stamp duty is payable at 50% of the normal rate (transfer between relatives) and is based on the value of her share (not full value of property). However – if I am a first time buyer, there is no stamp duty payable.
2. My sister will be liable to CGT based on the sale price less the value of the property at date of my mother's death - not the original price paid by my mother/father in 1972.
3. Am I correct in thinking that no stamp duty is payable when property is acquired as part of an inheritance.
Many thanks indeed