Inheritance and Help to Buy ISA

masonic

Rich2808 wrote: »

Are there examples of where HMRC has asked to see wills to evidence eligibility? I expect the above differentiation is as clear as mud to most lay people - possibly even some solicitors - and HMT/HMRC are apparently giving inconsistent advice to the Guardian!

You might never even have seen the will - or don't have a copy if the inheritance was years ago and you no longer have dealing with the solicitor who handled it. And that is before you factor in laws/rules abroad given we are now a diverse country and all EU nationals are eligible for these schemes - as some inheritances will relate to inheritances abroad - and each country will have different property/probate rules.

The financial outcome is the same in both cases - as house was sold and they got the proceeds from that sale!

Perhaps the OP's kids should just claim the bonus - and if HMRC query it later they can show the first Guardian article which says that HMT (who created the rules) said they were eligible!

I'm not aware of any example where HM Treasury has attempted to reclaim the bonus from someone they believe was ineligible.

The fact remains that the will confers a legal interest or lack thereof in the property (presuming it was sold without the deeds being updated), and it is the only legal document that can be used to disqualify an individual whose claim is under question due to inheritance. I doubt HMT would go to the trouble of investigating in such detail, but I'm not going to advocate people trying their luck unless they are happy to accept the bonus being clawed back.

Norman_Castle

Rich2808 wrote: »

It says acquiring an interest - not acquiring ownership. You acquire an interest via inheriting a share of the property - and receive the proceeds of sale via that interest.

It say acquiring a freehold or leasehold interest which is ownership. While a property is owned by the estate you haven’t acquired an interest in the property as it is still owned by the estate. You may benefit from the proceeds of its sale once the estate is distributed but you haven't owned the property.