SDLTM29861 - Definition of a first-time buyer 바카라 사이트“ Previous acquisition by a Settlement

Relief is not denied by virtue of a previous acquisition as a trustee of a settlement.

Relief is not denied to a purchaser by virtue of a previous acquisition by a settlement where that purchaser was a beneficiary of that settlement, unless property held by the settlement means the purchase is a higher rates transaction for the purposes of paragraph 1 of Schedule 4ZA, see SDLTM09815. 

For the definition of a settlement see SDLTM31720.

Example 1:

바카라 사이트˜A바카라 사이트™ (and others) acquired a dwelling as a trustee of a discretionary settlement. They were also one of the beneficiaries. 바카라 사이트˜A바카라 사이트™ is now acquiring a dwelling in their own name for their own occupation.

·       Relief is available to 바카라 사이트˜A바카라 사이트™ whether they occupied the trust dwelling or not.  

Example 2:

바카라 사이트˜B바카라 사이트™ (and others) acquired a dwelling as a trustee of an interest in possession settlement. 바카라 사이트˜B바카라 사이트™ did not hold the interest in possession. 바카라 사이트˜B바카라 사이트™ is now acquiring a dwelling in their own name for their own occupation.

·       Relief is available to 바카라 사이트˜B바카라 사이트™ on their personal acquisition.

Example 3:

바카라 사이트˜C바카라 사이트™ 바카라 사이트˜D바카라 사이트™ and 바카라 사이트˜E바카라 사이트™ are trustees of an interest in possession settlement. They purchase a property for the beneficiary, 바카라 사이트˜F바카라 사이트™, to occupy. 바카라 사이트˜F바카라 사이트™ has no prior interest in a property.

·       Relief is not available on the purchase as the trustees are treated as the purchasers and will not occupy the property as their own or main residence.

바카라 사이트˜F바카라 사이트™ is now acquiring a dwelling in their own name for their own occupation. 바카라 사이트˜F바카라 사이트™ asks the trustees to rent out the property.

·       Relief is not available to 바카라 사이트˜F바카라 사이트™ on their personal acquisition as they are treated as holding an interest in a dwelling under Schedule 4ZA, so the transaction would be a higher rates transaction and relief would be precluded under Schedule 6ZA paragraph 1(7).

If the trust property had been sold, rather than let, with 바카라 사이트˜F바카라 사이트™ subsequently purchasing a dwelling in their own name for their own occupation, the relief would apply as 바카라 사이트˜F바카라 사이트™ was never treated as the purchaser of the trust property and the higher rates would not apply to the purchase of the new property.  Â