Stamp duty on buying out siblings share of inherited property

[sela]

My two sisters and I have inherited our father's house. One of my sisters wish to buy the property to live in. The house was valued at £315k for IHT. Since then the prices have dropped and it has now been valued at £290k. My other sister wants to invest £60k. I will be receiving a full third share. Will my sister have to pay any stamp duty?

[Peter D]

I'm not sure where 1/3 and £60,000 comes from but SDLT is based on the actual consideration to £60,000 is not a problem. It sounds as though one sister will live there owning 2/3 and the other will not live there but own 1/3, that sister may become laible to CGT if the house vlaue increase past the original 1/3 of the probate value. Regards Peter

[sela]

Hi Peter. Thanks for your reply. Based on the £290,000 valuation, each share would be approx £96,600. My sister would get a mortgage to pay myself that amount and my other sister £36,600. What would we all be liable for?