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Amend stamp duty?
Hi, I bought my first property in the UK in October 2021.
Unfortunately I couldn't take advantage of the stamp duty holiday, but at least I got relief as a first time buyer, as described in https://www.gov.uk/government/public...st-time-buyers
I paid £400,000 for the property so I wasn't entirely exempt of stamp duty.
However after paying stamp duty I noticed that the website says "never owned an interest in a residential property in the United Kingdom *or anywhere else in the world*" (emphasis mine).
The thing is I did partially own property abroad which I inherited from my grandmother and my father. My cousins, sister and I shared ownership of this property and collected rent, then eventually sold the property. I never lived in this property abroad. We paid taxes for all this abroad, and the money from selling it stayed abroad. I never got access to that money since moving to the UK 8 years ago.
Other than this I never actually *bought* any property myself anywhere in the world.
I want to do what's right so my question is: should I amend my stamp duty and pay the difference?
The website says "residental property" but this property abroad was never really residential to me as I never lived there?
Also annoying that the name of the scheme "first time buyers" is misleading really.
If I do amend it what are the consequences? i.e. would this trigger some kind of investigation in the HMRC?
I don't think I have anything to hide but I think the prospect of an audit would make anyone a bit nervous :-)
Many thanks
Unfortunately I couldn't take advantage of the stamp duty holiday, but at least I got relief as a first time buyer, as described in https://www.gov.uk/government/public...st-time-buyers
I paid £400,000 for the property so I wasn't entirely exempt of stamp duty.
However after paying stamp duty I noticed that the website says "never owned an interest in a residential property in the United Kingdom *or anywhere else in the world*" (emphasis mine).
The thing is I did partially own property abroad which I inherited from my grandmother and my father. My cousins, sister and I shared ownership of this property and collected rent, then eventually sold the property. I never lived in this property abroad. We paid taxes for all this abroad, and the money from selling it stayed abroad. I never got access to that money since moving to the UK 8 years ago.
Other than this I never actually *bought* any property myself anywhere in the world.
I want to do what's right so my question is: should I amend my stamp duty and pay the difference?
The website says "residental property" but this property abroad was never really residential to me as I never lived there?
Also annoying that the name of the scheme "first time buyers" is misleading really.
If I do amend it what are the consequences? i.e. would this trigger some kind of investigation in the HMRC?
I don't think I have anything to hide but I think the prospect of an audit would make anyone a bit nervous :-)
Many thanks
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