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What is a first time buyer for Stamp Duty
HelenFlowers
Posts: 17 Forumite
So my (very lovely) parents died, we sold the house and split the proceeds.
The house was not transferred into our names - it remained 'in the estate of' until the sale.
I want to use my share to buy somewhere to live. Am I a first time buyer?
Keen to get my Stamp Duty discount if I can.
The house was not transferred into our names - it remained 'in the estate of' until the sale.
I want to use my share to buy somewhere to live. Am I a first time buyer?
Keen to get my Stamp Duty discount if I can.
0
Comments
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Don't see why not. You've never owned a propert.0
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It sounds fine so long as there was no assent or appropriation before the sale. An appropriation is sometimes done as a means of saving Capital Gains Tax.0
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Thank you so much!
I was hoping that was the case - and very helpful to have the legal language. In the end it wasn't worth transferring the house ownership for CGT because it actually dwindled in value from the HMRC's (horrendous) valuation that we paid a large amount of tax on.0 -
I beleive there's a mechanism to claim back tax from a too large valuation? Might be worth looking into.0
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Yes providing the sale was within 4yrs of death and at least £1,000 less than the probate value you can substitute the sale price for the previous probate value and claim back the tax paid on the difference.AnotherJoe wrote: »I believe there's a mechanism to claim back tax from a too large valuation? Might be worth looking into.
Did you claim the full £900k IHT allowance?0
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