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Buying share of inherited property

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  • Buying share of inherited property

    Just wondered if anyone has been in a similar position or coudl offer advice before we go to our very good - but costly - solicitor...

    I inherited 50% of my late father's house - my brother owns the other half. My partner and I have lived in the property for about 8 months and the plan is to buy out my brother's share in the summer. My questions are:

    a. Is this going to be a fairly straight forward (and therefore not too expensive) transaction for the solicitor, particularly as there are no disagreements/negotiations to get in the way?
    b. Will I have to pay stamp duty on my share of the purchase?
    c. Will my brother have to pay capital gains tax if the purchase price he receives is more than 50% of the valuation for IHT purposes? And does it make any difference that he lives in the USA?

    Many thanks in advance for any help and assistance?

  • #2
    Re: Buying share of inherited property

    As far as I know:
    Should be straight forward as long as brother agrees to valuation.
    I don't think UK tax is due in USA.
    Stamp Duty only payable if deal is more than £175,000.
    Your half is not being transfered/sold so no SDLT due.

    As always get professional advice!
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