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From tax Insider:
'However, similarly to Stamp Duty, SDLT is charged on ‘money or monies worth’ and what counts as ‘chargeable consideration’ is defined very widely to include consideration given directly by the purchaser, or person connected with the purchaser, i.e. the purchase price plus any additional amounts paid in the transaction towards the Seller's fees, for example, plus any VAT chargeable.'
From the Gov UK Web site:
'You don’t pay Stamp Duty, Income Tax or Capital Gains Tax on a property you inherit when you inherit it.'
So the SDLT will be limited to the chunk your brother is kindly gifting you.
This gift will create a Potentially Exempt Transfer (PET) in his Inheritance Tax (IHT) affairs. PETs run off at a taper over seven years and in the event of his demise within that period are added back to his estate for IHT purposes. PETs are the first to suffer IHT and if the deceased's estate is insufficient to meet the IHT on the PET the liability cascades down to the beneficiary for immediate settlement. The classic defence against tax on a PET is a reducing term life insurance policy.
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