I understand this has been discussed in many threads in the past here. However, nobody of the original posters has ever clarified what was the outcome of their case (I promise I will report mine to make such discussion more useful for others in the future
).I have a 'bare ownership (usufruct)' abroad of a flat. My Dad can live there until he is alive, I have no rights to sell, rent, or do anything with that flat as long as my dad is alive. Hence, I will inherit the full property only after my dad passes away (luckily, I don't think this is going to happen anytime soon).
I have gone through dozens of articles and posts online but it seems to me that there are contrasting opinions and not a single case of final outcome with HMRC is reported.
I have several doubts about this but the main question (the most important) I need an answer is:
- Am I still FTB for the stamp duty purpose? AM I right thinking as my dad the one with 'major interest' in the property until he is alive and me just waiting to gain it afterwards (hence, at the moment I have not gained a 'major interest' yet)?
- What would be the best way to proceed in this case? For the moment I have not talked to my Solicitor about it because I sense that in order to avoid any responsibility they will just dismiss it and force me to pay the higher SDLT.
Any help would be highly appreciated.....
Thanks!