Question:
I have recently inherited a property in Leeds. Will I need to pay stamp duty land tax?
Arthur Weller replies:
There is no stamp duty land tax (SDLT) when a property is inherited, for two reasons. Firstly, the legislation (FA 2003, s 42) states that SDLT is applied to a land transaction, and an inheritance is not considered a land transaction. Secondly, SDLT only applies when the purchaser gives consideration for the land or property (FA 2003, s 43), and when inheriting one does not give consideration.
