Do I have to pay stamp duty to buy my sister's share of a property?

Do I have to pay stamp duty to buy my sister's share of a property?
 

Q My sister and I have each inherited a 50% share of a property valued at £120,000. I have agreed to buy my sister’s share from her for £60,000. The solicitor who has done the transfer conveyancing has told me I have to pay £1,800 stamp duty. Could you tell me if that is correct? GG
A Assuming that you already own property, yes, that is correct. You are being charged 3% which is the higher rate of stamp duty land tax (SDLT) for transactions up to £125,000 which result in multiple property ownership. It would be the same if you owned a home and bought a second one or a buy-to-let property... read more

 
12 March 2018 in Business, Views: 41
Source: Guardian
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