Hello,
I was hoping someone could provide some advice as I am in slightly complicated situation.
I am Greek and have been living in the UK for the past 8 years. Along with my wife (british passport) we're looking to buy our first property in England. I'm trying to establish whether I need to pay the higher stamp duty tax. My situation is the following:
Approximately 7-8 years ago my father transferred the ownership of our family home to me. However I do not hold full ownership of the property as he has kept the usufruct rights to himself. As such he can take full advantage of the house (currently live in it) and can even decide to rent it out and obtain the income. As per the Greek law the usufruct rights are not transferable so once he passes away they will automatically come to me at which point I will obtain full ownership. I can sell the house if I want to but the usufruct rights will remain to my father meaning whoever buys it won't be able to use it. The property value is >£40k
The exam question: do I own a property in the eyes of HMRC? I rang the helpline but I don't think they understood the meaning of usufruct rights and were querying whether I have shared ownership and whether my share is worth below £40k. I suppose I own 100% of the property but do not have full ownership as explained above!
Any help/advice would be much appreciated!
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