Stamp Duty First Time Buyer Relief - Am I eligible?
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iPant
Posts: 3 Newbie
Hi all,
My wife and I have just started the process of buying our first home.
Our situation is as follows:
I own the 25% of a freehold flat abroad which I have inherited in 2009. The value of the portion I own is around £30000. My wife does not own any property anywhere in the world.
As per the previous stamp duty rules and based on example 36 of the 'Higher rates of Stamp Duty Land Tax (SDLT) on purchases of additional residential properties' consultation outcome (sorry not allowed to post link, but you can google it), we would avoid the higher rates as the portion I own is less than £40k and the new property we are buying will be our only and main residence.
Now the question is, are we eligible for the relief or not?
Any advice would be really appreciated.
My wife and I have just started the process of buying our first home.
Our situation is as follows:
I own the 25% of a freehold flat abroad which I have inherited in 2009. The value of the portion I own is around £30000. My wife does not own any property anywhere in the world.
As per the previous stamp duty rules and based on example 36 of the 'Higher rates of Stamp Duty Land Tax (SDLT) on purchases of additional residential properties' consultation outcome (sorry not allowed to post link, but you can google it), we would avoid the higher rates as the portion I own is less than £40k and the new property we are buying will be our only and main residence.
Now the question is, are we eligible for the relief or not?
Any advice would be really appreciated.
0
Comments
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"A first time buyer is defined as an individual or individuals who have never owned an interest in a residential property in the United Kingdom or anywhere else in the world and who intends to occupy the property as their main residence.".
https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers/stamp-duty-land-tax-relief-for-first-time-buyerscurrent credit debt Jan-2018 £12000 @ 0% // initial debt Sep-2017 £142000 -
Thanks for the reply. I had read that, but does the term 'interest' cover a partially owned property which could never be used as a main residence without incurring further costs (e.g. Paying rent to the co-owners).
I guess the answer is yes.0 -
You are not eligible, shame, but there we are.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for the help. I did speak with the HMRC today and they confirmed I'm not eligible. Shame but tbh we were not calculating the relief when we put our budget together, so not losing anything really, it would just be a nice to have.0
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Thanks for the help. I did speak with the HMRC today and they confirmed I'm not eligible. Shame but tbh we were not calculating the relief when we put our budget together, so not losing anything really, it would just be a nice to have.
If she bought on her own your wife would be eligible.
Does your wife have a help to buy isa (or a lifetime isa) - she would be eligible for the government bonus on that (to help fund your house purchase) even if she bought with you. If not she should start one ASAP.0
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