TRS on a 2nd home & Stamp duty question?

C

cork_south

Registered User
Messages
17
Hi all,

Me and the wife are thinking of trading up from a 3 bed semi to a 4 bed detached.
We bought our first house in 2004 and drew the mortgage down in 2005.
We still have a year and a bit of TRS left.
My question is, do we lose the TRS if we buy a new house?
If we dont, how long will it last?
I am a bit confused with the new TRS law.

Also, what are peoples opinions on stamp, what are the chances of it being changed in the next budget to stimulate the 2nd hand market?
The thought of giving Cowen and the lads 20K for nothing isn't very appealing.

Thanks in advance?
 
in relation to your trs as you drew down the mortgage in 2005
this is your second last year with a ceiling of 10,000 per person.

yr 1 2005
yr 2 2006
yr 3 2007
yr 4 2008
yr 5 2009
yr 6 2010
yr 7 2011
if you do not move you will continue to receive trs on your mortgage up to and including 2017,
from year 8 onwards your ceiling will be 3000 per person and you will received trs at a rate of 15%

if you purchase a new house this year or next year ( 2011), you are still entitled to your final two years of a ceiling of 10,000 per person.
and then you will go onto the ceiling of 3,000 with a rate of 15%
 

Many thanks for this great info!!
 
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