TRS relief and 2nd house purchase

serotoninsid

Registered User
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Just trying to work out how things would lie re. TRS if I pursue a couple of scenarios...

I'm currently in Year 6 of TRS as a first time buyer. If I was to buy a 2nd property next Spring with a view to it being my primary residence, can I then claim tax relief on it as a non-first time buyer?
What if the new property was not occupied for the first year although I would have started a mortgage on it. Would I still get the last year's TRS on the first property - and be able to apply for non-first time buyers TRS on the second property a year after buying it - and calling off the mortgage?
 
trs rate

Hi

I am having problems with trs calculations and need to find what the rates were in 2004 to 2009. I have searched revenue site and cannot find them
 
Thanks for that - clarifies to an extent.
you can only claim trs on one property,
as you only have one primary residence
understood. However, if I make my second house my PPR after TRS has run out on the first, will I qualify for non-first time buyers TRS if...

A. I had already purchased the property 6-12 months beforehand and had taken out a mortgage on it at purchase.

or

B. I had already purchased the property 6-12 months beforehand - but only started a mortgage on it (to renovate) at this point that I want to make it my PPR?
 
your trs will not actually run out on your current property.
you will get trs until 31/12/17
"year 8 and thereafter at 15% Ceiling 3,000 Ending 31/12/2017"

If you are not a First Time Buyer and you purchase ( top up ) in 2012 you will only receive TRS at a rate of 10% on a ceiling of 3,000 up to 31/12/2017.

you will need to start claiming trs in 2012 for the new property so you will have to move ppr next year to facilitate this.

so if you stay put with your ppr
you will get 15% of 3000 until 31/12/17

if you move ppr
you will get 10% of 3000 until 31/12/17
 
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