{"id":108390,"date":"2019-06-24T13:00:09","date_gmt":"2019-06-24T06:00:09","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/my-siblings-and-i-inherited-a-house-will-we-be-liable-for-stamp-duty\/"},"modified":"2019-06-24T13:03:41","modified_gmt":"2019-06-24T06:03:41","slug":"my-siblings-and-i-inherited-a-house-will-we-be-liable-for-stamp-duty","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/my-siblings-and-i-inherited-a-house-will-we-be-liable-for-stamp-duty\/","title":{"rendered":"My siblings and I inherited a house, will we be liable for stamp duty?"},"content":{"rendered":"


\nThe house is probably worth \u00a380,000 to \u00a390,000, but three of us already own propertyQ My three siblings and I inherited property from my great-aunt after she died in 2006. It\u2019s a tiny cottage in Wales, with one bedroom, one living room, a small kitchen and a small bathroom. There is a little bit of land around it by way of a garden which slopes down to a river. I don\u2019t think that it\u2019s worth terribly much \u2013 possibly in the range of \u00a380,000 to \u00a390,000. Three of us also own property in which we live, and two of us are planning to sell and buy somewhere else in the near future. So my question is: what is the situation with stamp duty land tax? We each have a 25% share in my late aunt\u2019s cottage, so will we be liable for the higher rate of stamp duty on our potential purchases because of this?KMA No you won\u2019t be liable for the higher rate of stamp duty land tax (SDLT). Because you are selling your main residence and buying another main residence to replace it, the higher rates of SDLT \u2013 which are standard SDLT rates plus three percentage points \u2013 do not apply. They would apply if you didn\u2019t sell your current home before buying a new one \u2013 although you would be able to claim a refund if you sold the old home within three years of buying the new one. However, because your individual shares in your late aunt\u2019s cottage are worth less than \u00a340,000 (if your estimated value is correct), you are let off paying the higher rates of SDLT. This would also be the case if your fourth sibling decided to buy another property provided his\/her share is still worth less than \u00a340,000 at the time he\/she acquires a second property. Continue reading…
\n
\nSource : theguardian.com
\nRead more…My siblings and I inherited a house, will we be liable for stamp duty?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The house is probably worth \u00a380,000 to \u00a390,000, but three of us already own propertyQ...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-108390","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-sce","jetpack-related-posts":[{"id":57262,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/will-we-pay-higher-stamp-duty-as-my-girlfriend-has-inherited-property\/","url_meta":{"origin":108390,"position":0},"title":"Will we pay higher stamp duty as my girlfriend has inherited property?","date":"June 8, 2017","format":false,"excerpt":"\r It seems we are liable for the 3% surcharge on the new-build we are buying in London, even though she has never lived in the house in ItalyQ My girlfriend and I have been saving for some time towards buying a property. 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I have two\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101544,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/homebuyers-liable-for-stamp-duty-at-a-four-year-low\/","url_meta":{"origin":108390,"position":2},"title":"Homebuyers liable for stamp duty at a four-year low","date":"November 22, 2018","format":false,"excerpt":"\r First-time buyers save \u00a3142m via government\u2019s relief scheme in the latest quarter\r \r Source : ft.com\r Read more...Homebuyers liable for stamp duty at a four-year low","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103707,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/will-we-be-liable-for-stamp-duty-surcharge-when-we-buy-a-house\/","url_meta":{"origin":108390,"position":3},"title":"Will we be liable for stamp duty surcharge when we buy a house?","date":"February 6, 2019","format":false,"excerpt":"\r My husband and I both own other properties\r \r Source : ft.com\r Read more...Will we be liable for stamp duty surcharge when we buy a house?","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122942,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/will-i-have-to-pay-higher-rate-stamp-duty-if-i-keep-a-rental-flat\/","url_meta":{"origin":108390,"position":4},"title":"Will I have to pay higher-rate stamp duty if I keep a rental flat?","date":"November 1, 2021","format":false,"excerpt":"\r My husband and I are planning to sell the house we live in, which is our main residenceQ I bought a flat in 2016 and lived there for a couple of years. 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