First Time Buyer's Relief and Second Property

S

singinvestor

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I am a first time buyer. I am in the process of having my parents' house signed over to me. I will still use my current home(which FTB relief applies to) as my primary residence and my parents' will continue to live in their home. By having my parents' house signed over to me, will I still to continue qualify for my first time buyer's relief?
 
You can continue to claim owner occupier mortgage interest relief on your home mortgage. But perhaps you can explain more about why the parents' home is being signed over to you and what the reasoning is. Are you sure that no other tax issues arise as a result of this transaction? Have you obtained independent, professional tax advice on this matter?
 
Thanks for the reply Clubman. I should have added that my parents' home needs rennovation. We have agreed that I will be responsible for the upkeep of the home for as long as they live there hence the reason for signing it over now. I am not aware of any other tax implications but will seek more advice on this.
 
If they are signing it over to you then are you sure that there are, for example, no stamp duty and/or gift tax implications?
 
The home will be gifted to me and is worth less than the current threshold of €478K allowed for tax free purposes so no gift tax will apply. As far stamp duty, I need to check with a financial advisor but believe it's half the normal rate.
 
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