Question from an individual in Essex
- Created on
- Mon 20 May 2013 4:21pm
- Region
- Essex
- Type
- Individual
Dear Sirs/Madam
Can you help us get part Stamp Duty paid on property purchase refunded?
On 1/2/12 my parents signed over their house to us five children as a gift to avoid inheritance tax, no money paid. It was divided in 7 parts, me and my brother had 2 parts and the three sisters has 1 part each.
Later all my sisters then wanted their money, so we had the property valued at £385,000, making each part value at £55,000.
On 1/10/12, my parents moved out and us two brothers paid our sister £55,000 each (total £165,000) and then transferred the house to our newly formed property development company.
We paid £11,550 stamp duty at 3% of the full price of £385,000 and I don't think we should have paid some or all of it.
I think we should only have paid stamp duty on £165,000 at 1% (the amount we paid to our sisters to buy their 3/7th parts). See HMRC website
http://www.hmrc.gov.uk/sdlt/reliefs-exemptions/no-sdlt-return.htm. This says:-
Transacti
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