Jayne Dear;331423 wrote:I should be grateful if any stamp duty experts on here could advise me on what stamp duty is due on the purchase of my deceased parents’ house.
I have agreed a price of £355,000 with my two siblings.
The total estate is worth £896,000.
I calculate I will need to pay my two siblings approximately £76,000, after costs on the estate have been calculated.
This will be a second home purchase.
What stamp duty is due on the share that I am buying from my two siblings?
I am expecting to get this purchase made before the stamp duty changes in April, the implications of which I am aware.
Thanks in advance for any specific advice you are able to give.
Not an expert but I would have thought
Determine house price at time of purchase - less house probate value (executors liable for any tax on increase between death and sale - this tax is usually taken off before estate distributed )
Then determine % of value of property you are buying - ie if split equally between 3 then you are buying 33.333%.
You pay stamp duty on that based on 2nd property rates.