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Where Taxpayers and Advisers Meet

3% stamp duty due to inherited property

annaflix6
Posts:1
Joined:Mon Jul 09, 2018 4:00 pm
3% stamp duty due to inherited property

Postby annaflix6 » Mon Jul 09, 2018 4:12 pm

Hello,

I inherited a property abroad when my dad passed away. I have not had it officially valued but am sure it is worth than £40,000
I am looking to buy my first property in the UK and was wondering:

1) I understand that the 3% stamp duty for a second property does not apply if the property is £40,000. Will I have to have the property abroad officially valued in order to prove this and who will I have to submit those documents to?

2) I have no documents to prove I own the inherited property- is this something that would be requested when buying in the UK?

Many thanks

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: 3% stamp duty due to inherited property

Postby maths » Thu Jul 12, 2018 7:04 pm

If you inherited in excess of 50% of the property and its market value at the date of acquisition of the new property is £40,000 or more and the consideration for the new property is £40,000 or more then the 3% charge will arise.

This will not be the case if you have ever had an only or main residence as you will now be replacing it.


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