Question:
My sister and I inherited a £400,000 property from my dad. My sister wants her share so I am paying her £200,000 and transferring the property into my name only. I would like to know: (1) Do I pay stamp duty on £200,000 or £400,000 (I would imagine it’s on £200,000.00 as that is the only money changing hands); and (2) Can I write the value of the property as £400,000 on the Land Register title deeds?
Arthur Weller Replies:
If you are actually paying your sister £200,000 then this transaction is subject to stamp duty land tax, at 1%. If the market value of the property is £400,000 then certainly this is what should be written on the Land Registry title deeds.
