Stamp duty on inherited property.

[Rodge2]

If you inherit a property from your parent (she owned it outright) - and the inheritance is shared equally between 2 siblings - do you have to pay stamp duty when the property is transferred?

We would like to become joint owners for the foreseeable future. One sibling already owns a home but the other doesn't. We are unclear about what the house may be worth at present - would guess at around £120,000 to £140,000. Any help gratefully received.

[Buenchico]

From HM Revenue & Customs website:
"If the property is acquired under the terms of a will, there's no need to notify HMRC and no SDLT is payable. This applies even if the beneficiary takes on an outstanding mortgage on the property on the date the person died, provided that no other consideration is given".

Source:
http://www.hmrc.gov.u...nsfer-ownership.htm#4

Chris

[Rodge2]

Thank you Chris, that helps me so much. I've been going around in circles trying to work out what I'm liable for. I had no idea that benefiting from a will could be so time consuming!