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Can my son retain his first-time buyer status?

Does inheriting a property mean you can't use your Lisa?
Can my son retain his first-time buyer status?

A reader wants to know whether his son will still be able to use his lifetime individual savings account (Lisa) to buy his first home and get stamp duty relief following an inheritance.

The reader asks: "My 22-year old son, who is a full-time student, has a Lisa. But he is about to inherit 8 per cent of his deceased grandfather’s £1.4m house via a bare trust, which was set up purely for the purpose of selling the property. He will be a beneficial owner, but title to the property will not pass to him or the trust. So will he be able to retain his first-time buyer status and stamp duty allowance for when he buys his first property?"

 

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