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Nick H
Nick H, Solicitor
Category: UK Property Law
Satisfied Customers: 113
Experience:  Ten year qualified Solicitor
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Land has been left to my client. He has been left 0.25, his

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Land has been left to my client. He has been left 0.25, his brother 0.25 and his mother 0.5. He would like to buy his brothers and mothers share so that he can build on the land. What inheritance tax and stamp duty would be payable by each party?
Submitted: 10 months ago.
Category: UK Property Law
Expert:  Nick H replied 10 months ago.

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Hello – Firstly in terms of inheritance tax. The estate will have to pay 40% on all value over the sum of £325,000.

This will take into account all the money and items including the land.

In terms of stamp duty this will depend on how much your client is to pay for each other piece of land.

Up to £125,000 does not attract Stamp Duty,

from £125,001 to £250,000 is at 3% of value,

from £250,001 to £925,000 is at 5% of value,

from £925,001 to £1.5M is at 10% of value,

Over £1.5M is at 12% of value.

The inheritance tax is to be paid before the beneficiaries receive their share of the estate.

If you need clarification about my answer or additional information, please use the SEND or REPLY button to continue our conversation. Your satisfaction is my goal and I am here to help!



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