Sand Posted May 25, 2011 Report Share Posted May 25, 2011 Hi Does anyone know if I would pay stamp duty on this scenario? I inherited 50% of a property (worth £182,000), I am going to get a mortgage to buy out my relation for the other 50%? and I will get forms from Land registry to transfer the property in my name. Any advice would be appreciated Thanks Link to comment Share on other sites More sharing options...
Richlist Posted May 25, 2011 Report Share Posted May 25, 2011 Stamp Duty was cancelled some time back.......its SDLT now (stamp duty land tax). Yes you would be liable to pay SDLT on the full value of the property. Link to comment Share on other sites More sharing options...
Sand Posted May 26, 2011 Author Report Share Posted May 26, 2011 Stamp Duty was cancelled some time back.......its SDLT now (stamp duty land tax). Yes you would be liable to pay SDLT on the full value of the property. I finally found a number to ring HMRC, explained this scenario and they said the SDLT would be 0% as only would be worked out on the 50% I am buying as I already own the other 50% Phew!! Link to comment Share on other sites More sharing options...
Richlist Posted May 26, 2011 Report Share Posted May 26, 2011 Good news for you.....assuming they are correct......even HMRC make mistakes. Bad news for the rest of us.....the country needs all the tax revenues it ca get to pay down the deficit. Link to comment Share on other sites More sharing options...
Melboy Posted May 26, 2011 Report Share Posted May 26, 2011 There will be some taxation to pay as the title deeds will have to revert to a new owner or beneficiary by the land registry office. Mel. Link to comment Share on other sites More sharing options...
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