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Are you considered a first-time buyer for a house in the UK for stamp duty tax if you owned an empty plot of land abroad?

7 replies

Chine · 03/05/2023 13:38

I just found out that a family member (still alive) passed on to me a small plot of land in a neighbourhood abroad when I was a child. I never owned any other form of property in my life. Will that take away the first-time buyer's relief on stamp duty when I buy a house in the UK?

OP posts:
1dayatatime · 03/05/2023 13:39

Highly unlikely that you will have to pay additional stamp. I would just stay quiet about it.

hedgehoglurker · 03/05/2023 13:45

I believe you need to sign a legal declaration that you have never owned property here or overseas.

You should ask your conveyancer and/ or very carefully check the terms of any ISA you rely on providing a bonus.

Chine · 03/05/2023 13:55

That's the thing, I need to see if a plot of land falls under residential property or not @hedgehoglurker

OP posts:
Notanotherlostone · 03/05/2023 13:58

It also depends on the value of the property. If I am not mistaken it has to be valued over GBP40,000 to make you ineligible for FTB stamp duty. This is based on declaration rather than formal valuation.

Chine · 03/05/2023 14:09

It will be more the £40k, from what I read a residential property has a very complicated meaning and changes regarding tax purposes from one department to another. I guess I'll need to ask a lawyer. @Notanotherlostone

OP posts:
DrySherry · 03/05/2023 15:12

If its just land without a property on it you shouldn't even be mentioning it - because you are still a first time property buyer. Land without a building is just land. If it did come up, which it won't, your thinking about growing grapes or spuds on it ;)
Land can only become classed as property if construction activity is planned but not yet started.

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