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First Time Buyer status when on a discretionary trust
BridgetM
Posts: 2 Newbie
I just wanted to update this with my personal situation as I cannot find this information anywhere online.
I’m listed on a trust for my mum’s house as a beneficiary. Which according to my stamp duty and help to buy ISA paperwork invalidates my First Time Buyer status.
However, due to the fact the trust is "discretionary" this does not mean I am guaranteed any share in the house. So I found it hard to belive that i'd be considered a homeowner.
I wrote to HMRC and sent them the details of the trust and they replied (a LONG time afterwards) to say in this particular circumstance I will still be seen as a first time buyer. So thankfully I didn’t have to pay for any stamp duty and I could still use a help to buy ISA.
I’d still recommend getting HMRC to confirm it in writing for you though.
HM Revenue and Customs
BX9 1AS
United Kingdom
I’m listed on a trust for my mum’s house as a beneficiary. Which according to my stamp duty and help to buy ISA paperwork invalidates my First Time Buyer status.
However, due to the fact the trust is "discretionary" this does not mean I am guaranteed any share in the house. So I found it hard to belive that i'd be considered a homeowner.
I wrote to HMRC and sent them the details of the trust and they replied (a LONG time afterwards) to say in this particular circumstance I will still be seen as a first time buyer. So thankfully I didn’t have to pay for any stamp duty and I could still use a help to buy ISA.
I’d still recommend getting HMRC to confirm it in writing for you though.
HM Revenue and Customs
BX9 1AS
United Kingdom
0
Comments
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Well done. BX9, that's one of their Bristol offices I think? I am still waiting for a reply from them on a CGT issue 2yrs on.0
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This is a "non-geographic" postcode. I think in practice correspondence to that address gets delivered to the Stamp Taxes offices in Birmingham at the moment. Another example of a non geographic postcode is XM4 5HQ for letters for Father Christmas!HM Revenue and Customs
BX9 1AS
United Kingdom0 -
This is a "non-geographic" postcode. I think in practice correspondence to that address gets delivered to the Stamp Taxes offices in Birmingham at the moment. Another example of a non geographic postcode is XM4 5HQ for letters for Father Christmas!
Maybe I will try sending my CGT query to Father Christmas!0
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