Stamp Duty on property purchase

[Asleeping]

Hi, my Mother died in February this year and left her estate jointly between my brother and me.

I intend to buy my brother out of his half of her house, agreed value of £475K. As this will be a second property for me I understand that, until 31 March 2021, I will have to pay the Stamp Duty surcharge of 3%.

My question is whether the surcharge is due on the entire value of £475K or whether, as I already 'own' half, on £237.5K.

Many thanks.

Just the half you are buying. The value ‘agreed’ can be discounted for joint ownership typically in your situation by about 10%.

What the property and assets were left? You can offset- so you have 50% of estate left each- not half the house (unless it was specified like that)

House £475k money on bank and stuff £100k so £575- you get 287.500 which could be all in the house.

That would depend on the Will @WillSantaBeComingToTown
If there is no specific legacy for example.
I am not sure a deed of variation would work for SDLT purposes as it is only income tax and CGT that can be unwound. It is an interesting point you raise though.

@Manolinette

That would depend on the Will *@WillSantaBeComingToTown* If there is no specific legacy for example. I am not sure a deed of variation would work for SDLT purposes as it is only income tax and CGT that can be unwound. It is an interesting point you raise though.

Which is what I said

(unless it was specified like that)