Lifetime ISA living abroad

srt_2023

I’m a UK citizen and lived in Canada for a period of time. Had Canadian bank accounts and owned a home there with a Canadian mortgage provider. 

I then sold my property and moved back to the UK and opened up a lifetime ISA.
I’m aware that you can’t qualify as a first time buyer if you owned property abroad but does this also count? For example, Canada couldn’t see any of my UK debt so how would the UK know I’ve owned in Canada if it’s under Canadian financial institutions. 

gravel_2

Are you asking us to recommend fraud?

PRAISETHESUN

There's a lot of tax data sharing between jurisdictions these days so I wouldn't be surprised if HMRC has some data WRT your Canadian property ownership. But in either case I'm fairly sure you'd have to sign a declaration at some point saying you've never owned property if you redeemed your LISA towards a house purchase. If HMRC later found out that wasn't the case then I'd imagine there would be significant penalties. Safest bet is to be truthful.

jimjames

srt_2023 said:

I’m aware that you can’t qualify as a first time buyer if you owned property abroad but does this also count? 

Does what also count? You said you've owned property in Canada so you have owned property abroad

masonic

If you've ever had a legal interest in a dwelling anywhere in the world then you are not eligible to make a penalty free withdrawal from a Lifetime ISA to buy a home in the UK before the age of 60. You are free to use it as you wish if you pay the 25% penalty or wait until you are 60.

As to "how would the UK know", you are unlikely to get an answer to your question, becuase part of the strategy of fighting financial crime is to keep the methods of detection confidential.