We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First time buyer with inherited property - can I avoid stamp duty
MrMattyP
Posts: 14 Forumite
Hello
As the title of my thread says, I am to all intents and purposes a first time "buyer", but I have inherited some property.
My girlfriend and I are currently in the process of buying a property that is under £250K. Can I benefit from the new rules on stamp duty, as a first time buyer?
Our solicitors don't know because "the change is very recent", and they are still seeking clarification. I have looked on the directgov website and the HMRC website, and they don't appear to have updated it. :mad:
It is really frustrating, because currently I am not benefiting financially from owning the property, and am unlikely to for many years.
The stamp duty section on MSE does say that those with inherited property are still able to benefit from the new rules, but there's no link or reference I can see to quote to my solicitor!
Please help!:(
M
As the title of my thread says, I am to all intents and purposes a first time "buyer", but I have inherited some property.
My girlfriend and I are currently in the process of buying a property that is under £250K. Can I benefit from the new rules on stamp duty, as a first time buyer?
Our solicitors don't know because "the change is very recent", and they are still seeking clarification. I have looked on the directgov website and the HMRC website, and they don't appear to have updated it. :mad:
It is really frustrating, because currently I am not benefiting financially from owning the property, and am unlikely to for many years.
The stamp duty section on MSE does say that those with inherited property are still able to benefit from the new rules, but there's no link or reference I can see to quote to my solicitor!
Please help!:(
M
0
Comments
-
No you cant. See the q&a section here
http://www.hmrc.gov.uk/budget2010/sdlt-qa-tech-1545.pdf
Q7. Can I get relief if I have previously owned an inherited property?[FONT=Arial,Arial][FONT=Arial,Arial]A. No. In this case a person will previously have acquired a major interest in a residential property.
[/FONT][/FONT]0 -
Quote: Our solicitors don't know because "the change is very recent", and they are still seeking clarification.
Maybe you could suggest "google" to them........and then ask for a discount for assisting them with research.......(rolls eyes)0 -
Thanks Seb
Not welcome news, but at least now I have some clarification.
I agree Vigilante22, am rather p!ssed off at the half-arsed response I got from them.
Well, that's £2K down the toilet
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.6K Work, Benefits & Business
- 600K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards