How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
By continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them.
Ask TaxRobin Your Own Question
TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 29387
Experience:  International tax
14155347
Type Your Tax Question Here...
TaxRobin is online now

I inherited a share of a property. My grandparents divided

This answer was rated:
★ ★ ★ ★ ★

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.

Ask Your Own Tax Question

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

Ask Your Own Tax Question

Understand?

Ask Your Own Tax Question
Customer: replied 1 year 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..................

Ask Your Own Tax Question
Customer: replied 1 year ago.
I am liable for stamp duty tax and capital gains

Yes

Ask Your Own Tax Question
Customer: replied 1 year ago.
Thank you

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

TaxRobin and 2 other Tax Specialists are ready to help you
Ask your own question now