My sibling and I will inherit a property 50/50 upon my parents passing.
I am trying to determine the tax implications if I choose to buy them out and make the property my new primary place of residence.
I assume that if the will lists us as 50/50 recipients then I will need to transfer the title to myself only which will then trigger a stamp duty payment.
If I purchase their 50% straight away then I understand that no CGT would be payable.
Would appreciate any thoughts as to whether I have this correct, or if I have missed something.
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2,029 views
1 replies