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Where Taxpayers and Advisers Meet

SDLT and shares in French "SCI"

valere24
Posts:1
Joined:Wed Jan 08, 2020 11:17 am
SDLT and shares in French "SCI"

Postby valere24 » Wed Jan 08, 2020 12:14 pm

Hi,

I know it's been mentioned before in this forum, but I do not seem to have found a definitive answer.

I have never owned property before but holds 50% share in a French SCI that owns 2 properties. My parents benefit from the usufruct of the properties until their death.

What is my SDLT status: first time buyer, standard, or subject to the higher rate?

I have strong indication from what I've read so far that I should be OK and benefit from first time buyer relief. What should I do? Do I need to get some professional advice in writing and pass it on to HMRC? Or just go ahead without mentioning the SCI shares to HMRC?

Thanks,

V.

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: SDLT and shares in French "SCI"

Postby AGoodman » Wed Jan 08, 2020 3:18 pm

I'd take the view that you're fine. The SCI is a company and (for what it is worth) HMRC's published view is that it is an opaque entity (so more company-like than partnership-like).

You do not therefore have any interest in property.


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