We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Property Asset and LISA
Ikan_Bilis
Posts: 1 Newbie
I'm already named on some property deeds - although I didn't buy the property and it's never been my home (it was gifted to me).
Will this mean I won't qualify for the 25% bonus from my LISA when I buy my first home?
Will this mean I won't qualify for the 25% bonus from my LISA when I buy my first home?
0
Comments
-
Correct. The expectation would be that you could live in that property or sell it to fund an ongoing purchase, and therefore don’t need to receive a bonus at taxpayers’ expense unless you are saving for retirement.Ikan_Bilis said:I'm already named on some property deeds - although I didn't buy the property and it's never been my home (it was gifted to me).
Will this mean I won't qualify for the 25% bonus from my LISA when I buy my first home?
If you own the whole property, you are in a better position than those who own part of one - and therefore can’t live in or sell it without the permission of the other owner(s.)
If you need part of your LISA savings to fund a house purchase, there is a 6.25% penalty on your own contributions which is somewhat harsher - as people may have been contributing not expecting to inherit property, or for the purchase limit to increase in line with property prices.0 -
Even worse than that you will have to pay an additional 5% SDLT on that purchase. That assumes you are in England the additional tax in other parts of the UK are even higher.
This sounds like a gift that would better not to have had.0 -
How long have you been a part owner? If it’s not to long ago you could gift it back to avoid the extra tax, but if it was a good few years you might have a CGT liability instead.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards

