A situation similar to some other queries posted here, but not sufficiently so for me to be sure of the correct answer.
Consider a residential property that is owned by more than one person, perhaps because they were left it jointly in a will, or maybe because of a previous relationship.
Then suppose one of the owners wishes to be bought out so they can move off and purchase elsewhere.
Is stamp duty payable on the transaction, given that the property share is going to someone that already owns part of the property anyway ?
If it is, then is it calculated on the total value of the property, or just the share being transferred ?
What percentage / fixed rate would those involved be facing ?
Thanks in advance for any advice.
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