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First time buyer tax
AlotofQ
Posts: 5 Forumite
Hi I have received some inherited cash so am about to get the first flat - so could get the stamp duty relief. It is not feasible for me to move in there right away, so if I rent it out are the HMRC going to ask me to give the tax exempted back?
Or is there a time period. i.e. after how long can I rent it out, without give the tax exempted back?
Thanks
Or is there a time period. i.e. after how long can I rent it out, without give the tax exempted back?
Thanks
0
Comments
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You paying cash or getting a mortgage too?0
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You are not entitled to claim first time buyers' relief from SDLT if the property is to be let out. The relief is for buyers who intend to live in it as their only or main residence.0
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And leaving the SDLT aside, you'd need to get a BTL mortgage (assuming you need a mortgage), comply with all the landlord legal requirements, and successfully get your tenant out again (and remortgage) before you could move in. Why not just buy when you're ready to live in it?0
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Thank you for the replies, I will pay just cash. Someone told me that if I live there for 6 months before renting it out I am still qualified for the first time buyer tax relief, is this true? Thanks0
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I know someone who bought his first house in 2008 and got stamp duty relief and now he paid off the mortgage and is moving out of that place and renting his place out. But if he can do it, why could not I rent my place out after living there for a while?0
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I know someone who bought his first house in 2008 and got stamp duty relief and now he paid off the mortgage and is moving out of that place and renting his place out. But if he can do it, why could not I rent my place out after living there for a while?
The current SDLT relief wasn't around in 2008 so you're comparing apples and pears.0 -
Sorry I got the year wrong, it was 2010 when he got stamp duty relief.0
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No there was tax relief around 2010 then it was stopped and resumed from 20170
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