• Would I Be Liable To Pay SDLT/LTT In My First Home In The UK If I Own From Inheritance A 25% Share Of A Property Abroad?

    By Guest on 08th Jan 2019

    My mother passed away last February and she left me in her will her share from 2 properties. a 25% of our family home, where my father currently lives and a 30% share of my parents summer home. I read that if I own a property or a share of a property even abroad and even if I dont use it, Im no longer qualified to be a first time buyer. This means that I can no longer use the HTB government assistance and I will be liable on paying SDLT or LTT (Wales) which is 3% of the property I am buying.

    However, I read in forums that if my share is less than 50% then I wont have to pay SDLT/LTT. Does that apply even if I have shares in 2 properties or do I need to have a share less than 50% from just one property to not pay SDLT/LTT? Can you advise me in how it works exactly?

    Regards
    Dimitris

  • 1 Answers

    By Guest on 09/01/2019

    It depends on the value of the property(ies). If you share is worth less than £40,000 then you would be treated as a First Time Buyer for SDLT. If your share is over £40,000 in value then you are no longer a First Time Buyer. Please refer to the HMRC guidance on the higher rate (we can send you a copy if you get in touch with us directly - ask for Merlin).

    www.notaryexpress.co.uk

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