Stamp Duty on Site I own

B

bettyboop

Registered User
Messages
11
Hi

Just wondering if any1 has info on this. I was left a site from my grandparent a few years ago. Site was valued and i paid inheritance tax on it. It has been transfered into my name so i now offically own the site.

I am currently building on the site and have just been told i need to get it valued again in order to calculate what stamp duty i have to pay.

Do i still have to pay stamp duty even though i own the site???

All reference i have found on sites and stamp duty say it is paid on purchase price...
 
So your grandfather died, and left the site to you in their will? And you paid inheritance tax on it.

There should not be any stamp duty in those circumstances.

On the other hand if your grandfather transferred it to you whilst he was alive, then you should have paid stamp duty at the time of the transfer and gift tax if applicable.

Is it possible you are confused about what you were told, or is it possible the person who told you is not a solicitor?
 
Yes the site was left to me in the will and i paid inheritance tax at the time.

It was the solicitor who called my partner today with this info.

I had assumed i wouldnt have to pay stamp duty when i already own the site.
 
This makes no sense at all. Someones got their wires crossed, I'd say. Ring the solicitor yourself and find out more.
 
Actually, thinking about this again, I wonder is your mortgage to build in the joint names of yourself and your partner? Perhaps there is a suggestion that the site be now transferred into your joint names?

It is possible to have title in one persons name and a mortgage in joint names but often banks will put in a special condition in loan offers stating that the property should be in joint names unless you get on to them and get the loan offers changed and the special condition taken out.
 
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