Do You Need to Pay Stamp Duty on Inherited Property?
Stamp duty is often the bane of many people’s lives who are looking to get on the property ladder. So, it makes sense that you would be worried about when inheriting property. However, the simple answer to the question is that no, inherited properties are not taxed with stamp duty. It is important to note, though, that beneficiaries need to be aware if they are going through the process of purchasing their own home, they could be faced with a higher stamp duty rate if they own another property, whether they own it all or a part of it, including inherited properties.
There are some exemptions available though. For instance, in the scenario where someone has inherited less than half a share in the property during a period of three years before their own property, they would not have to pay higher rate stamp duty.