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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10346
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My mother passed away recently and left a house to me and my

Resolved Question:

My mother passed away recently and left a house to me and my brother.
It is worth $ 750,000. Supposing I were to buy my brother out, would I be liable for stamp duty and if so how much please? Are there any other charges I should be aware of?
I live in the US incidentally.
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

Could you clarify if the property is in the UK?

Thanks

Al

Customer: replied 1 year ago.

yes it is

Expert:  Aston Lawyer replied 1 year ago.

Hi,

Thanks for your reply and apologies for the delay.

Well, I am afraid there will be Stamp Duty payable by you on your brother's half share.

There will be no Stamp Duty payable on the half share you inherited.

Stamp Duty is payable at a rate of 2% for any consideration paid over £125,000.

Therefore Stamp Duty will be £5,000 (£375,000 less £125,000 equals £250,000x 2%= £5,000).

The only way around this would be if your brother were prepared to give us his inheritance of the half share of the property. If so, a formal Deed of Variation can be prepared by a Solicitor which varies the terms of the Will post death, to in effect show that you are entitled to inherit the whole of the property.

There will also be Solicitors fees to pay (not a vast lot- probably £300 plus VAT to do the paperwork and a Land Registry fee of £90).

You may also have to pay Capital Gains tax as and when the property is sold.

Here is a link, explaining more-

https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property

There are no other issues you need to be made aware of from a legal point of view.

I hope this assists and answers your question.

If so, I would be grateful if you could rate my answer.

Kind Regards

Al

Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10346
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
Aston Lawyer and other Law Specialists are ready to help you
Expert:  Aston Lawyer replied 1 year ago.

Hi,

Can I assist you any further?

Kind Regards

Al

Customer: replied 1 year ago.

Further question please.

If I sell this house in the UK sometime in the future will I be liable to UK capital gains tax as a US resident/US tax payer? If so at what percentage? Similarly will I be liable to US Capital gains tax when I eventually sell and if so at what percentage?

Expert:  Aston Lawyer replied 1 year ago.

Hi,

I set out the link concerning UK CGT in my previous answer, if you would like to click on that.

I am afraid I do not know the US tax laws, so you ar ebest to speak to a qualified person concerning any liability.

Kind Regards

Al

Customer: replied 1 year ago.
Can you please look up the US situation for me and provide an answer?

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