We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
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!
stamp duty ??
sillyme84
Posts: 1 Newbie
This is my first post hope i am posting in correct section here.
Thing is i am buying a property at 205,000 thought i was a FTB and got the mortgage offer also.
but now saw the rules of stamp duty and came to know that should not own a property anywhere.
I own a property in Asia .. so what will happen if i say i am FTB.
I dont want to commit fraud but i just didnt budget for stamp duty as i thought i am FTB.
any way to avoid this legally ??
Thing is i am buying a property at 205,000 thought i was a FTB and got the mortgage offer also.
but now saw the rules of stamp duty and came to know that should not own a property anywhere.
I own a property in Asia .. so what will happen if i say i am FTB.
I dont want to commit fraud but i just didnt budget for stamp duty as i thought i am FTB.
any way to avoid this legally ??
0
Comments
-
I didn't realise that owning a property abroad disqualified you from being a FTB in this country. Are certain that you're not?0
-
The FTB exemption for Stam Duty applies to any ownership anywhere in any form, even if it is only one person in a partnership that has owned/inherited.
http://news.bbc.co.uk/1/hi/business/8585903.stm0 -
The stamp duty exemption is entirely arbitrary in its definition and application. There is no reason why a person who inherited a house with negative equity, disposed of the property and dealt with the debt is less deserving of assistance than someone who has decided to fly the nest and is getting it all paid for by mummy and daddy. But because the govt can't afford to let everyone off stamp duty they had to draw the line somewhere. It doesn't necessarily make sense where the line is but it is the system that we've got. Unfortunately for the OP there is no legal way to get around it. But if the property you own is in Asia, what paper trail can HMRC follow to prove that you're not a FTB...?
(Not that I'm advocating tax evasion. But I do despise laws and regulations that aren't justified, fully thought through or fair to all!)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards