Posted on 14 July 2010 by James E
My parents bought a flat in Edinburgh a few years ago and put both my sister and myself on the mortgage. This was to avoid paying inheritance tax on the flat should they pass away. I now want to buy my own flat in London, but don't know whether I still qualify for First Time Buyer stamp duty exemption. Please can you advise?
The following passage is taken from
If you are a first-time buyer the threshold for when you start to pay SDLT is £250,000. This is only if you have never owned a house or flat in the UK or anywhere else in the world. If you are buying with someone else they must never have owned property before either. This higher threshold applies to purchases made on or after 25 March 2010 and before 25 March 2012".
I regret, as you are already a part owner of the flat in Edinburgh, you do not meet the Government's criteria for the higher threshold and will have to pay Stamp Duty Land Tax on any purchase over £125,000.
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