When are you a first time buyer?

[Marcellus]

I haven't owned a house for about 5 years, if I were to buy now could I claim to be a 1st time buyer?

[eltawater]

Think about it. If you'd not been laid for the same period, does that make you a virgin again?

[Marcellus]

eltawater said:

Think about it. If you'd not been laid for the same period, does that make you a virgin again?

Lovin the typical PH answer

anonymous said:

[redacted]

STR??

[eltawater]

STR == Sold to rent.

And that's wrong.

See the first time buyer definition here:

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Ta...

[Simpo Two]

Reality dictates that the fundamental advantage of a FTB is 'fully financed, no chain' - in other words you can complete and move in tomorrow.

Therefore as long as you have the loot you should be regarded as a FTB. Anything else is just political manouvering.

[Mr GrimNasty]

For the purposes of the additional stamp duty benefit - clearly you are NOT a FTB and you do not qualify.

[Simpo Two]

The fact you can't have owned a house anywhere in the entire world seems pretty astonishing - and how would they know?

Could you become a Limited Company and buy it through that? The company and yourself are seperate legal entities and the Company has not owned a house before. Sounds like job for Eric!

Edited by Simpo Two on Monday 6th December 00:41

[spikeyhead]

Simpo Two said:

The fact you can't have owned a house anywhere in the entire world seems pretty astonishing - and how would they know?

Could you become a Limited Company and buy it through that? The company and yourself are seperate legal entities and the Company has not owned a house before. Sounds like job for Eric!

Edited by Simpo Two on Monday 6th December 00:41

I believe that you're then paying capital gains tax at business levels, and it comes without the exception for the first million as it's a property company. Unless the company is going to be employing staff it's not worth it.

[anonymous-user]

Edited by anonymous-user on Monday 6th December 08:19

[youngsyr]

spikeyhead said:

Simpo Two said:

The fact you can't have owned a house anywhere in the entire world seems pretty astonishing - and how would they know?

Could you become a Limited Company and buy it through that? The company and yourself are seperate legal entities and the Company has not owned a house before. Sounds like job for Eric!

Edited by Simpo Two on Monday 6th December 00:41

I believe that you're then paying capital gains tax at business levels, and it comes without the exception for the first million as it's a property company. Unless the company is going to be employing staff it's not worth it.

There is no first time buyer relief for companies in any case, is there? I believe to qualify for the relief, the buyer has to live in the property?

[Simpo Two]

youngsyr said:

I believe to qualify for the relief, the buyer has to live in the property?

Well a company director would be living in it, if that counts?

Buy yes, probably easier just to take the hit (as usual).

[youngsyr]

Simpo Two said:

youngsyr said:

I believe to qualify for the relief, the buyer has to live in the property?

Well a company director would be living in it, if that counts?

Buy yes, probably easier just to take the hit (as usual).

It wouldn't count, a director is a separate taxable person and legal entity to the company (agent/principal), so I don't think there's an option here: as I read it companies don't qualify for the relief.

Edited by youngsyr on Monday 6th December 10:20