TRS Question

L

Laura

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I bought a property as investment \ rental property in 2001. This was my first house purchase
My husband and I bought our PPR in 2005 with my husband's name only on the deeds as he was a First Time Buyer. The Mortgage is jointly in our name. I have held on to my rental property

Can my husband claim TRS on our PPR at the FTB ceiling being that he is a FTB (bearing in mind that I have an investment property)

Can he claim this going back to date of purchase ie 2005 ?

Going one step further can we claim the married ceiling of 16K or are we excluded from this on the basis that I am not a First Time Buyer ?

Any advise input appreciated
 
tip 1 ring revenue direct and discuss
If the second house was bought only with your husbands money and he was a FTB then he is entitled to TRS at the FTB ceiling I believe.
 
As Jim says, verify with Revenue but I think that your husband can claim half your interest up to the FTB ceiling of €10,000 but you're limited to €3,000.
 
Hi Laura,

I'm no expert at all here so I don't know for certain but I'm not sure what you did in 2005 is legal. You don't say in your post if you paid stamp duty in 2005 but it sounds like you didn't based on your husband's FTB status(correct me if i'm wrong).

Myself and my girlfriend are in a similar position at the moment i.e. buying a house where one of us previously owned a property and the other didn't. We are unclear about FTB status / stamp duty / tax relief etc. and whether putting the property in one name allows us to (legally) avoid stamp duty.

On the revenue site here:

[broken link removed]

it does say:

What is the position where the purchase monies are not provided entirely by the first time buyer?
To qualify for the relief the entirety of the purchase monies, including any borrowings, must be provided by the first time buyer. Any person, who provides part of the purchase monies or who is a party to any borrowings relating to such purchase, is also regarded as a buyer of the house and the relief will not be available unless that other person is also a first time buyer.

As I said, I'm no expert but it would probably a good idea to check with a legal person before you go contacting Revenue.

Any legal people out there with a better knowledge of this situation? Or anyone who has had issues with revenue regarding this?
 
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