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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 26744
Experience:  International tax
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I inherited a share of a property. My grandparents divided

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I inherited a share of a property. My grandparents divided the property amongst 8 grandchildren in the Will. I am now going to purchase a property for 295k. Do I have to pay stamp duty because I inherited a share in a property?
Assistant: Have you talked to a tax professional about this?
Customer: No
Assistant: Anything else you want the Accountant to know before I connect you?
Customer: I just want to know, am I just liable for Capital Gains Tax
Assistant: What are the assets or property for this capital gain?
Customer: Will I have to pay Capital gains tax on the share of the property I have inherited? The property is in the process of being sold
TaxRobin

Hello and thank you for allowing me to assist you.

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Unfortunately yes

You’ll usually have to pay 3% on top of the normal SDLT rates if buying a new residential property means you’ll own more than one. Even a part ownership

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Understand?

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Customer: replied 8 months ago.
I understand. But my name is ***** ***** on the title deeds and I have never lived in the property

I wish I could tell you different but..................

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Customer: replied 8 months ago.
I am liable for stamp duty tax and capital gains

Yes

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Customer: replied 8 months ago.
Thank you

You are most welcome.
A 5 star positive rating would be appreciated

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