Stamp duty due?

[terry127]

My mother has a life interest in a trust which allows her to live in a property which she gifted into trust for the benefit of me and my brother (50/50) some 8 years ago. She now wishes to give up right to live in the property and therefore her interest under the trust. I understand that, once my mother has given up her interest, the trust will become a "bare trust", meaning that the property is treated from that point as being owned directly by me and my brother.

My brother wishes to sell his 50% share (worth £120,000) to me and my wife jointly and I wish to transfer my 50% into joint ownership with my wife. What is the stamp duty position? Is stamp duty due on only the 50% transferred from my brother (which would be exempt as under the threshold) or also on the 25% which passes from me to my wife? I'm aware that transfers between spouses are exempt from CGT but I was concerned that it might be treated as part of the same transaction as the transfer from my brother and push the whole thing over the £125,000 threshold meaning a 1% charge on the transfer from him (but presumably even then not on the 25% transfer between me and my wife)?

Any views would be very welcome.

Thanks