First home buyer

anon_ymous

Hi,

Let's say my company bought a house, for investment purposes with me as the owner, I'm guessing I'd be classified as a "first home buyer" , or would it be classified differently?

Thanks in advance. I appreciate this sounds like a stupid question.

ACG

You mean a limited company buys a house and gives you the property?

If there is a Mortgage involved, that would not work.
The company would be the one buying it so it may be liable for stamp duty.
The company would be giving you the property so potentially liable for CGT.
Aside from the fact that as a director, you have to act in the best interest of the company (it is a legal requirement), giving away an asset such as a house would probably fall fall foul of that.

csgohan4

you also will have lots of other taxes which make it financially unviable when buying and selling.

anon_ymous

Thanks ACG. Sorry, the house I bought via the company is mortgage free, and my company bought abroad for rental income. It's not really something I want to buy and sell the house per se, but rather long term income

anon_ymous

I'll clarify. My company bought a house overseas. This is for rental income

I would then intend to buy a house.. personally in the UK

ACG

Ah, gotcha.
If the company is a limited company (or equivalent), ie a different legal entity to yourself, then I would assume you would still be eligible for the stamp duty relief, but I would speak to a solicitor to confirm.

sal_III

Speak to a Solicitor, its' a bit of a gray area. The condition for a FTB is not to have a stake in a property. It could be argued that as a shareholder of the company (likely 100% or at least majority) you have a stake in the property owned by the company.