Sorry, yet another Stamp Duty question...

stokesley

Our daughter's fiance has just been left half the family home in his late mother's will, with the stipulation that his father lives there for his lifetime.

Does he qualify as a first time buyer for stamp duty purposes?

googler

Not after he has owned the property for any length of time.

https://www.hmrc.gov.uk sez the first time buyer relief only applies if "they have not previously owned property or land either in the UK or anywhere else in the world - including property bought with anyone else"

As soon as the fiance takes ownership of the house being left to him, he ceases to be a first time buyer by this definition.

stokesley

Thanks - any idea how the Inland Revenue would qualify the length of time? Just to expand a little further, he and my daughter plan to buy their first home in January 2011; it has only just dawned on me that his half ownership of a house he doesn't live in, cannot sell, and cannot realise any assets from until his father is no longer with us, may mean them paying stamp duty on their new home.

Edited to add thanks to Googler, who has very kindly added to his original post and answered my questions.

googler

stokesley wrote: »

Thanks - any idea how the Inland Revenue would qualify the length of time? Just to expand a little further, he and my daughter plan to buy their first home in January 2011; it has only just dawned on me that his half ownership of a house he doesn't live in, cannot sell, and cannot realise any assets from until his father is no longer with us, may mean them paying stamp duty on their new home.

Edited to add thanks to Googler, who has very kindly added to his original post and answered my questions.

You got it. If he owns it, or part of it right now, regardless of how long he's owned it, he's no longer an FTB under HMRC's definition