Lifetime ISA for someone with a property owned by a company

A family has set up a limited company, with parents having 50% of the shares and the two children 25% each. The company owns 3 residential properties as an investment. Does the existence of that company mean the children are no longer first time buyers from the perspective of SDLT and using of a Lifetime ISA? Or is the company irrelevant? Many thanks

Hi,

Please contact the Stamp Duty Land Tax team for advice.

Stamp Duty Land Tax

Thank you.

Thank you. Regarding the second part of my question, what is the position for someone using a Lifetime ISA to purchase their first home when they are shareholders of a company that owns a buy to let property?

Hi Rebecca Aldridge,
We cannot asnwer the Lifetime ISA section without knowing the position on the SDLT. You will need to check with the Stamp duty office first and then submit a further query to include their reponse.
Thank you.

Good Evening , I hope you're well! I'm actually looking for the exact same information online and stumbled upon this forum. I was wondering whether you got any further on this issue, and if so, whether you are comfortable sharing any updates. Of course totally understand if not, thanks!

Name removed admin .

Hi

The guidance advises that you can withdraw from the lifetime ISA to buy your first home, if aged 60 or over or terminally ill, with less than 12 months to live.  
It can also be savins for later in life.  Please have a look at the guidance at Lifetime ISA and Affordable home ownership schemes.  
They are suggesting this is for buying a home and not investing in a property scheme.

Thanks

Hi, Thanks for the guidelines. I get what the LISA itself is for, however I was wondering how it works in the context of owning a ltd company which also owns a home. If I am in a position where I own, wholly or partly, a LTD Company (through buying shares or inheriting them / being gifted them) which then purchases a house (for example to let out) - does that exclude me from being able to use a LISA to buy a personal home in the future? My initial thought is that a ltd company, and me as an individual, as two separate legal entities should not affect me being able to purchase a home personally through a LISA, but wanted to confirm / seek guidance this.

Hi JH, I didn't put this to the SDLT team in the end so I still don't know the answer and haven't been able to find any other information about it. But it does sound like the SDLT rules dictate the LISA position so that's probably the place to start.

Hi
As you would still be classed as owning a property it is unlikley you can use the LISA. You should discuss further with your provider.