Stamp Duty on a Probate Property - What exemptions are available?
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- Опубліковано 11 вер 2024
- Are you looking at buying a Property from a Personal Representative of a deceased estate? Do you know how Stamp Duty works for this type of transaction? You may be able to reduce your Stamp Duty Tax Liability down to nothing. This video will explain how you may be able to use this Stamp Duty Exemption.
In this video you will discover:
What is the Stamp Duty Exemption all about?
What are the conditions?
What does it mean by Property Trader?
What about the deceased person condition?
How much can I spend on the refurbishment?
How much land can the property have?
How do I claim the exemption?
What if HMRC asks questions?
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DISCLAIMER: Please be advised that the content of my media is my personal opinion and is intended FOR GENERAL INFORMATION PURPOSES ONLY, not specific tax advice. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker. Making decisions on your tax position and investment decision is your own and appropriate specific targeted advice from a qualified accountant or tax advisor should be sort. The speaker will not be held responsible for any losses or gains based on decisions made following watching this video. Always do your own research and seek advice from an appropriately qualified professional.
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Great video Kimberley!
Thank you.
Excellence. Thank You
Thank you for watching.
Amazing video. In all honesty, what stops someone just ticking the box and saying they fit the critera?
The forms are self assessment type forms so if you self assess wrong then HMRC can come back and claim any taxes that should have been paid plus penalties and interest. So to ensure you sleep at night its best to do right first time.
What if the deceased person was still living in the house almost two years ago but transferred to a care home until their demise?
The guidance states "at some time in the two years ending with the date of his death" which would suggest that if they lived in the property then moved into a care home for a short period this would be acceptable. If however they moved into a care home and lived there for more than 2 years then this would not be available.
Hi Kimberley, what a great contents. Thanks. Does this applicable to live in resident purchase too?
Not that I am aware of.
Hi Kimberley, amazing video. One question, is the exemption also availabe on a buy to let property or only on buy to sell??
This is a very specific exemption so only applies as referenced in the video and no other possible uses.
Hi Kimberley, can you reclaim the stamp duty already paid if you do fit this criteria?
There may be the possibility of reclaiming stamp duty within 4 years of the transaction depending what the specific scenario is.
@@kimberleyshapcottpropertytax How would I go about doing this? I do believe I fit the criteria & it has been within 4 years
Check out the information on HMRC here: www.gov.uk/guidance/stamp-duty-land-tax-online-and-paper-returns#refund
What if I buy mixed use property wherever deceased simply rented out the flat and shop but never lived or worked there?
These reliefs would not be available in this case.