Would I be an FTB?

Wagas

Currently I'm an FTB but my parents are in the process of giving me a building plot. I don't intend on building on it any time soon, I'm more likely to buy a flat to live in first. Once the building plot is in my name am I still treated as an FTB when I come to purchase a flat? Eg would I be able to use LISA money and be eligible for the zero stamp duty for FTB's?

The FTB declaration stating the definition of FTB's is below. The way I read it is before I start construction I'm still treated as an FTB. Does this sound correct? Thanks

I confirm by signing this First Time Buyer Declaration that:
1. I am resident in the United Kingdom for tax purposes or, if not so resident, either perform duties which, by virtue of
section 28 of the Income Tax (Earnings and Pensions) Act 2003 (Crown employees serving overseas), are treated as
being performed in the United Kingdom, or I am married to, or in a civil partnership with, a person who performs such
duties.
2. I do not own, and never have owned any interest in land, whether in the United Kingdom or elsewhere, which:
(A) is:
(i) in England or Wales:
(a) freehold;
(b) leasehold, where the lease was originally granted for a term certain exceeding 21 years; or
(c) commonhold; or
(ii) in Scotland, registered or recorded, or would be capable of being registered or recorded, as a right of absolute
ownership in the Land Register of Scotland or General Register of Sasines in Scotland, as applicable; or
(iii) in Northern Ireland:
(a) freehold; or
(b) leasehold, where the lease was originally granted for a term certain exceeding 21 years; or
(iv) an equivalent interest in land to the interests in land listed in paragraphs (A)(i) to
(iii) above under the laws of any jurisdiction outside the United Kingdom; and
(B) comprises a building that is used or suitable for use as a dwelling, or is in the process of being constructed or
adapted for such use; and
(C) (i) which I acquired as a purchaser by way of sole or joint ownership; or
(ii) which entitles me to possess or occupy that land.
3. I have not previously received payment of a Bonus under the Help to Buy: ISA Scheme Rules (unless the full amount of
such Bonus has subsequently been repaid to the Administrator in accordance with the Scheme Rules).
4. I intend to occupy the Property as my only or main residence and will, following the acquisition of the Property,
occupy the Property as my only or main residence.*
or
As a consequence of being either a member of the Regular Forces or the Reserve Forces (each as defined in section
372 of the Armed Forces Act 2005) or the spouse or civil partner of a member of the Regular Forces or the Reserve
Forces, I am unable to occupy the Property as my only or main residence at the time of acquisition of the Property but
intend, in the future, to occupy the Property as my only or main residence.**[Please delete as appropriate]
5. I have operated my Help to Buy: ISA in accordance with the terms and conditions of the Scheme Rules and am not
aware of any circumstances which would mean that I would not be entitled to receive a Bonus payment under the
Scheme Rules.
6. I understand that making a false or misleading statement in this First Time Buyer Declaration may give rise to
personal liability and may, in accordance with the Scheme Rules, cause the amount of any Bonus payment that I
receive to become immediately due and payable to the Administrator.

https://www.helptobuy.gov.uk/documents/2015/12/eligibility-of-ftbs.pdf

davidmcn

Yes, that's right.

rtho782

It reads to me like you will have a freehold interest in the land so are not a FTB.

Wagas

rtho782 wrote: »

It reads to me like you will have a freehold interest in the land so are not a FTB.

Yes but section B seems to indicate the land needs to have a building on it or be under construction:

(B) comprises a building that is used or suitable for use as a dwelling, or is in the process of being constructed or

Tom99

If it is just land with no dwelling on it or under construction then you are still a FTB