stamp duty and capital gains

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sallybb | 08:33 Sat 23rd May 2009 | Law
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2 brothers have been left equal shares in their mothers estate. consisting of funds and a house. one of the brothers has lived in the family home looking after his mother (continueing to after his mothers death). He wishes to stay there and purchase his brothers share. House value aprrox �275,000. Would he still have to pay all stamp duty and should he want to sell in approx three years time will he be subject to any capital gains on any part of of the increase in value ( assuming house prices rise). He currently has no property and it will be his only home.


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The house needs to be appropriated to the brothers equally (this is just a paper transfer) - that will have the effect of each of them "owning" one third (at the mo they only have a chose in action to have the estate properly administered and don't actually beneficially "own" any of the assets yet). The purchase price will then be the two thirds value - �180k ish. Don't know what the stamp duty is likely to be on that.

As long as he has lived in it for 6 months as his only home there should be no cgt on sale in 3 years' time.
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Thanks Barmaid, is there a reason why it is apportioned into thirds (only two brothers).
Think it's a mistake - two brothers means it's a half share, not thirds.

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