FTB Status/Gift tax/Names on Deeds

L

lilliputt

Guest
Hi there
I am thinking of buying a property in the next few months. The situation is tricky. I am a FTB, my partner is not. We have decided that I should purchase the property.
From research understand that she can give me up to €24k without me incurring Gift Tax.

As she has a property ideally what we would like to do is have both our names on the deeds of each property.
My main query would be when could we put our names on the deeds?
If we did put her name on the deeds would I be liable to pay SD?
if anyone has been in a similar position please get in touch.
I have posted a similar post some time ago and got the usual 'just pay your taxes' replies. And that's fair enough, if there's no way around it twe'll pay what we have to.
At this stage however, I would like to know if there's any way around it.
Thanks in advance.
 
She can give you a gift of up to €24K but any mechanism that you use for the sole purpose of avoiding tax will not be acceptable to Revenue.
There is no way her name can be on the deeds and you being assessed as a FT buyer.
If you get a mortgage in your name and buy the house in your name and her income has not been used to assess mortgage repayments etc then you should go ahead and buy the house.
I'm very open to correction on this one but AFAIK the only way you can then get both properties in joint ownership is to get married.

By the way; this is still a property investment question, just lik your last one.
 
Thanks a million for your reply Purple - apologies, I should've really posted in property section.
Just on your marriage/joint ownership point - would this apply in retrospect, i.e. if I alone bought the property at the moment then, if and when civil partnerships came into being in Ireland and we went ahead with a civil union, then can we both go on respective deeds without any tax implications?
Thanks in advance.
Lilliputt
 
Just to note that civil marriages do exist in ireland at the moment. All registary office marriages are civil rather than religous ceremonies,

Gnashers
 
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