Uk property - tax & stamp duty implications?

Z

Zeitgeist

Guest
Hi,

Have a couple of questions regarding uk rental property and implications regarding stamp duty here.

I have a property in the uk (originally my home) its been rented for the past 2 years and makes a small profit. For my last uk tax return I declared all profits and was surprised to find that I did not have to pay any tax.

I am assuming that I will need to declare this profit with the revenue here (irish tax resident for the last 2 years) ?

Secondly, as this was originally purchased as my home, (mortgage is a buy to let) does this mean that I can no longer be considered to be a first time buyer in this country? (have been thinking about buying here)


Thanks! :)
 
AFAIK, the first time buyer scenario extends to Ireland only. What you have done in the UK bears no relevance to Ireland in relation first time buyers benefits. But you will require to check this.
 
From the [broken link removed]:

A first time buyer is a person, (or, where there is more than one buyer, each of such persons):
  • who has not on any previous occasion, either individually or jointly, purchased or built on his/her own behalf a house (in Ireland or abroad) and
  • where the property purchased is occupied by the purchaser, or a person on his behalf, as his/her only or principal place of residence and
  • where no rent, other than rent obtained under rent a room arrangements, is derived from the property for a period of two years from the date of the purchase. This relief is subject to clawback provisions.

    Prior to 5 December 2007, the period where no rent could be obtained was five years. Under the Finance Act 2008, this period has been reduced from 5 years to 2 years for deeds executed on or after the 5 December 2007.

    For instruments executed before 5 December 2007, to the extent that a dwelling house or apartment is rented out on or after 5 December 2007, it will not involve a clawback of the relief where this occurs in the third, fourth or fifth year of ownership.
 
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