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Stamp duty


marksheff
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I’m after some help regarding stamp duty on an inherited property which I live in and have done since my mom passed away,there was no inheritance tax to pay on her estate,but if I sell the property and buy another property to live in will I still have to pay stamp duty if the property was over £250k. Thanks.  

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I assume the inherited property is in England.

 

It is always the buyer who is responsible for paying SDLT [Stamp Duty Land Tax], not the seller.

 

If the ownership of the property was transferred to you under a Will and you made no payment for it then it is exempt from SDLT irresepctive of its value.

 

Stamp Duty Land Tax: transfer ownership of land or property - GOV.UK (www.gov.uk)

 

If you then sell the property it will be liable to SDLT but it is the responsibility of the buyer to pay the SDLT to HMRC, not you.

 

 

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