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Scotland LLBT / ADS Repayment question
Scots
Posts: 149 Forumite
Sorry Title should read LBTT
So our son lived in a flat owned by him with a mortgage. When he bought we gave him half the purchase price. He lived there about 9 years. Then because he met a girl and having a baby he decided to move to a house. He paid LBTT on second property.
Flat was on market for a while but didnt sell.
He ran into financial problems so we the parents decided to buy the flat off him we were going to rent it out. We paid off his mortgage plus the remaining value.
Shortly after this he decided he didnt like the house and so moved back to the flat as our tennant and the house was sold.
Solicitor is saying he wont be due a refund of LBTT.
He went from owning one property, to owning 2, then selling first to us after a few months and then selling the second about a year after buying it. He doesn't own any property now.
I've asked Solicitor to apply for repayment but interested to know what other people think. Is he due a refund or not. Its about £3000 involved.
So our son lived in a flat owned by him with a mortgage. When he bought we gave him half the purchase price. He lived there about 9 years. Then because he met a girl and having a baby he decided to move to a house. He paid LBTT on second property.
Flat was on market for a while but didnt sell.
He ran into financial problems so we the parents decided to buy the flat off him we were going to rent it out. We paid off his mortgage plus the remaining value.
Shortly after this he decided he didnt like the house and so moved back to the flat as our tennant and the house was sold.
Solicitor is saying he wont be due a refund of LBTT.
He went from owning one property, to owning 2, then selling first to us after a few months and then selling the second about a year after buying it. He doesn't own any property now.
I've asked Solicitor to apply for repayment but interested to know what other people think. Is he due a refund or not. Its about £3000 involved.
0
Comments
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you missed out the time scale - did you buy it (in full) from him within 18 months of him buying the house he lived in with his family?
as for the rest, read the LBTT rules as I only want to know the E&W ones in detail
https://www.revenue.scot/land-buildings-transaction-tax/guidance/lbtt-legislation-guidance/lbtt10001-lbtt-additional-dwelli-50 -
Yes all changes happened within a 14 month period.0
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If I/we were to ask you to complete the sentence
"I think my son should be due a refund of LBTT and/or ADS because ..."
What would you complete it with?0 -
You don't need to claim via sols. Why not claim direct and see what happens?0
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