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I am a director of a Limited company (SPV) which owns an investment property on a Limited Company Buy to Let. I am one of four directors, other directors are parents and sibling. I don't own a residential property.

Am I eligible for a Lifetime ISA?

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  • Good question so I upvoted it! I thought the answer to this would be clear cut but after a bit of research I don't think the HMRC wording is definitive either way. The declaration of being a first time buyer (on the form here- wording is the same as the help to buy ISA: helptobuy.gov.uk/documents/2015/12/eligibility-of-ftbs.pdf) in this case seems to hinge on whether your ownership interest in the investment property "entitles you to possess or occupy" it. I suspect as an individual director (of 4) it doesn't, but that's just my layman opinion... Nov 6, 2019 at 19:54
  • ... this scenario will probably end up being tested in some kind of legal case! Because my gut feel is there could end up being a loophole of some sort here for someone (probably not in your specific circumstances though). I can think of scenarios where it could happen but I won't write them out! Nov 6, 2019 at 19:55

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Most probably you can. As you don't own the SPV outright you probably can.

If you owned a company or had a trust that owned residential property that you are (or were) able to live in, you're also not considered a first-time buyer.

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