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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10248
Experience:  FCCA FCMA CGMA ACIS
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Query regarding land tax

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Query regarding land tax

There is no such thing as land tax in the UK; please expand on your question.

Customer: replied 7 days ago.
Hi, I am buying my sister share of the house. We agreed to a figure couple of years ago. Now the market price is different. She is happy to sell on agreed price. Can we go ahead?
Customer: replied 7 days ago.
Is there a legal obligation
Customer: replied 7 days ago.
I am worried about the stamp duty. The land revenue might think that we are undervaluing our property to save stamp duty.

None whatsoever, Stamp Duty, or rather its local equivalent is based on consideration and the controllers of the duty are well aware of the falling property prices.

Customer: replied 7 days ago.
The property rate has increased.
Customer: replied 7 days ago.
Just to clarify, I can buy her share even the buying price will be below the current market price. And I will pay the stamp duty on the selling price not the current market price

Correct, the duty is based on the consideration, not the value.

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Customer: replied 7 days ago.
Ok thanks

Pleased to have been able to assist.