The definition of first time buyer in the Finance Act includes a person who:
(a)has not previously been a purchaser
in relation to a land transaction
the main subject-matter of which
was a major interest in a dwelling,
(b) has
not previously acquired an equivalent interest in a dwelling
situated in a country or territory
outside England ,
Wales and Northern Ireland,
Therefore why does hmrc guidance say it is a person who has not previously purchased OR ACQUIRED a major interest in a dwelling anywhere in the world? Acquisition only applies to dwellings outside England; inside England
requires a purchase, which an inheritance is not.
So does this mean inheritance does not count for FTBR? It would appear so, provided when the person buys a house he has disposed of the one he inherited.
Simon Northcott