Stamp duty vs 1st time buyer moving abroad...

B

belcarra

Guest
Hi,

I'm thinking about moving abroad in the new year. I'll probably be at least a couple of years away.

I was wondering what type of implications this has for me in terms of my status as a first time buyer. I believe to keep the tax status I need to be resident in the property for 5 years. Otherwise, I feel I may be open to having to retrospectively pay stamp duty as I will lose the 1st time buyer status.
A little b/g to my situation...
I signed contracts for the apt in August 2004, but the apt was only completed in April 2006. Does this mean I have 2 years behind me as I was committed to it 2 years ago, or do I only have 4 months behind me as I only moved in in April??

Does anybody really chase this up as a matter or is it something I should worry about??

Thanks,

J.
 
No - you only face the SD clawback if you rent out a property bought as an owner occupied PPR within five years of purchase.

Not sure what you mean by losing your FTB status since you have already lost that with respect to any future property purchases by buying for the first time.

There are lots of existing threads on the implications of renting out a former PPR which might be of interest to you.
 
Thanks for that!

One question though:

> No - you only face the SD clawback if you rent out a property bought > as an owner occupied PPR within five years of purchase.

I will probably look to rent out the whole 2 bed apt at that stage (Am about to rent out one room). Will this mean I will have to change my status to investor??

Where might I find similar discussions as i don't mean to duplicate things here?

Sorry for the inconvenience!

J.
 
Yes - unless you are seconded abroad in work rather than just deciding to go willingly for example.
Where might I find similar discussions as i don't mean to duplicate things here?

Sorry for the inconvenience!
Click to expand...
No inconvenience - I just wanted to alert you to such relevant threads. You should be able to find some by browsing/searching but here are a few to start with:

Sell home or keep as an investment?
Job Offer Abroad - Stamp Duty Options
How does the Gov. know if you are an owner occupier?
renting out a home while living abroad

You should also read the Property Investment FAQ to apprise yourself of what's involved in being a landlord.
 
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