Stamp Duty on cost of house or price paid?

[Ned78]

Just wondering if stamp duty is paid on the actual price paid for a house or how much it is worth? Im looking to buy a deceased relatives house and will be getting it for %75 of the value (its valued at 420,000) as Im getting a gift of my fathers share. So essentially I will be purchasing it for below the stamp duty threshold, will I be exempt from stamp duty? Ive been told yes by one solicitor and no by another,

Thanks,

Ned

 

[ClubMan]

Just wondering if stamp duty is paid on the actual price paid for a house or how much it is worth?

[broken link removed].

Where the property is transferred as a gift or for less than its full value,
duty is charged on the market value of the property. This is the price that the
property would make if sold on the open market.

 

[Ned78]

Thanks

 

[davidoco]

getting it for %75 of the value (its valued at 420,000) as Im getting a gift of my fathers share.

You should be eligible for a halving of the stamp duty liability if the other 75% owners are uncles/aunts/brothers/sisters