Am I a first time buyer?

L

lanev

Guest
Hi folks

This might seem like a stupid question, but I will explain... In 2002 I bought a house. In 2005 the house was sold. That means I would have used 4 of the 7 years first time buyers tax relief at source. I haven't bought another property since but am hoping to do so now. Am I still entitled to the remaining three years TRS as a first time buyer? The person I will be buying the property with is a first time buyer. Also, if revenue do recognise me as a first time buyer, will the banks? Hope someone can help and thanks for reading.
 
i'm no expert but i highly doubt you can be called a first time buyer.

Although in saying that to you and me it would seem fair that if you didn't recieve the full 7 years then you should be allowed what is left remaining but i dont thinnk it works that way.

I take it by banks your looking for a good FTB interest rate. Since i doubt you will be called a first time buyer, but the person you are buying the house with is, so you might be able to get a somewhat better deal than if you were to buy again on your own. Would seem very unfair that the FTB wasn't allowed to avail of any special offers. but then how often would you use the words fair and banks together.

You posted quite late ( says she that is still awake ) but there are loads of people on AAM that would know how the system works inside out, so maybe tomorrow ( or later on today) someone will be able to help you more.
 
I posted the same query recently re. Trs although i am buying on my own. So i look forward to any replies you get.
 
Lanev,as you have claimed TRS prior to 2003 it would appear you are no longer a FTB.

Step 1

Establish your status as a First Time Buyer or Non First Time Buyer
In what year did you first receive tax relief on your mortgage? If the answer is 2003 or more recent, you are still a First Time Buyer for TRS purposes in 2009. If you received tax relief on your mortgage prior to 2003, you are no longer considered as a First Time Buyer.

From looking at revenues website it looks like you would be entitled to relief as a non FTB on half the loan for 7 years and your partner would be entitled to relief as a FTB on the other half for 7 years. Have you looked at the examples on revenues site, No. 6 Kevin and No. 4 Adrienne in particular?


http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html#section2

Havana No.4 Adrienne looks like you.
 
Thanks for that - really should have been able to find that info myself if I'd looked properly!!!!
 
Thanks for the replies.

I did look at the revenue examples, however in all of them, each person has used their entire quota of TRS so to speak! None of them took a break, if that makes sense. The fact that I had a property for four years just made me hope that i would still have three years remaining. If I had bought another property directly after I had sold the first one would I have been entitled to TRS as a FTB on that property for the first three years? And if I was does that not mean that I'm still entitled to three years TRS as a FTB??!!
 
First time buyer is what is says on the tin. A buyer who has not previously purchased. You do not fall into that category.
 
Thanks kmick. But.... there are exceptions, so it's not exactly what it says on the tin. I wish there was a tin,it might be easier to read....
 
lanev said:
Thanks kmick. But.... there are exceptions, so it's not exactly what it says on the tin. I wish there was a tin,it might be easier to read....
Click to expand...

There really are no exceptions here. If you have bought a house before you are not a FTB no matter how much you would like there to be. Even worse if you buy with another person the fact that you are not a FTB will affect their FTB status.
 
You're right kmick, unless there is a separation or divorce involved, a first time buyer is just that. What i was asking really was - in view of the fact that i have used 4 of the 7 years TRS given to first time buyers, can i still use the remaining 3. Owned a property from 2002 to 2006, it was sold. Now looking to buy again, will I be able to claim TRS as a first time buyer for 3 years.... If i had bought another property in 2006 ie directly after selling the first property i think i would have been able to claim it? Hope I haven't confused the issue even further.
 
NorfBank, just seen your reply, we must've posted at the same time, i'll check out your link, thanks.
 
Another query re. FTB status. If someone bought a house, never claimed tax relief, rented it out, never paid tax on the rent could they be considered a FTB re. stamp duty?

Basically, Revenue don't know they ever bought or owned a house. House since sold.

P.S. It's not me!!
 
No, simple as that.
They will be asked whether they previously owned a house. Of course your friend can lie and take the risk but if they are caught it will be tax evasion.
 
moneyhoney said:
Another query re. FTB status. If someone bought a house, never claimed tax relief, rented it out, never paid tax on the rent could they be considered a FTB re. stamp duty?

Basically, Revenue don't know they ever bought or owned a house. House since sold.

P.S. It's not me!!
Click to expand...

Could they be considered a FTB? ? ? ? ?

That beggars belief.

Maybe the question should be - lads, what do you reckon, will Revenue ever find out, so like could X get away with it?

mf
 
I said to person who asked me that I thought they'd probably have given their RSI no. at some stage during the house-buying process. Or that bank may have some statutory obligation to furnish Revenue with this info.

Land registry search makes sense also.

I've advised them not to chance it. On numerous occassions.
 
lanev said:
Hi folks

This might seem like a stupid question, but I will explain... In 2002 I bought a house. In 2005 the house was sold. That means I would have used 4 of the 7 years first time buyers tax relief at source. I haven't bought another property since but am hoping to do so now. Am I still entitled to the remaining three years TRS as a first time buyer? The person I will be buying the property with is a first time buyer. Also, if revenue do recognise me as a first time buyer, will the banks? Hope someone can help and thanks for reading.
Click to expand...

for trs purposes, you are still a ftb.
you still have 3 years as ftb status if you buy a house.
you will be on 22.5% for 1 year and then 20% for 2 years,
you will then be able to receive trs as a non ftb for a further 4 years at 15%.
the person you will be buying with if they never had a mortgage are entitled to the full seven years as ftb
and as we all knwo trs is paid and based on the ceiling or interest paid whichever is lower.
hoping nothing changes soon for trs ceiling and band is as follows.
---------person 1 -----person 2
year 1 10k @ 25% ---10k @ 22.5%
year 2 10k @ 25% ---10k @ 20%
year 3 10k @ 22.5% --10k @ 20%
year 4 10k @ 22.5% --3k @ 15%
year 5 10k @ 22.5% --3k @ 15%
year 6 10k @ 20% ----3k @ 15%
year 7 10k @ 20% ----3k @ 15%
 
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