Has anyone got an answer to whether inheriting a share of a house under a Will disqualifies you from first time buyer relief-and whether the answer is different if the house is sold by the executor during the administration period?
My research comes up with different answers depending where I look.
Hmrc FAQs to their guidance notes on the budget say if you inherited a property, or an equitable interest in one, you are not a first time buyer.
The definition in the guidance also says if you inherit that disqualifies you.
PLC says the opposite, but I do not think this has been updated since the Finance Bill was published and seems rather oddly worded.
The Finance bill defines a first time buyer as someone who has not previously been a “purchaser” in relation to a land transaction…or has not “acquired” an interest in a dwelling outside England and Wales.
So lots of inconsistencies and no real certainty until we have an Act. I suppose the best advice is a sale during administration, in the hope this is not treated as an equitable interest for these purposes, as a belt and braces, but then the Finance Bill seems to suggest there is no problem anyway?