FTB after having owned abroad?

leaba

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Forgive me if this is a dumb question. My husband and I are returning home to Ireland next year after having lived in Canada for 5 years. We own (jointly) a house here that we will sell before we leave. We have never owned property in Ireland. I've looked up the first-time buyer guidelines and they seem pretty clear that anyone who has owned a home, in Ireland or abroad, is not eligible for FTB status. However, my husband argues that the Irish authorities will have no way of knowing we owned property in Canada, so if we just don't mention it, we can pass as FTBs. Any ideas on this? Thanks in advance!
 
Are you a first time buyer? In the words of the martini ad: any time, any place any where?

And if not, are you willing to take the risk ?

Its up to you.

My advice?: don't go there.

mf
 
Tax evaders are not particularly welcome on this site. Do you see any reason the rest of us taxpayers should be subsidising your property purchase?

:)
 
My husband looked up the first-time buyer guidelines and they seem pretty clear that anyone who has owned a home, in Ireland or abroad, is not eligible for FTB status.

How old are the guidelines??

My mum purchased a property 4 years ago in ireland. And she was and still is classed as a FTB!

She also has a property in England which she has had for the last 24 years.

Not once was it ever mentioned about her not being a FTB because she had another property abroad.

It was a long time ago so i cant fully remember but i'm sure somewhere on the form it asked about any other assetts or outgoings. She was told by the broker not to include anything that wasn't in Ireland as it had no standing or relevance when applying in Ireland.
 
I bought a house 4 years ago here after owning a property in the UK. Not classed as FTB for Stamp Duty purposes - this is down to the solicitor not the mortgage company/broker.

I was however classed as FTB for TRS purposes.

That;s my understanding on it too.
 
This is not rocket science - it does not take a genius to figure out whether they ever had a house before and I am , as always, fascinated by the "nobody told me / it was somebody else who said it" approach of so many people.


This is the text of Revenue requirements for First Time Buyers Relief

A First Time Buyer as defined by Section 92B, Stamp Duties Consolidation Act, 1999, 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 under the rent-a-room-scheme, is derived from the property for five years after the date of the current purchase.

Special situations for FTB relief -

a) The trustees of a trust (to which section 189A of the Taxes Consolidation Act 1997 applies), whose trust funds are raised by public subscriptions for the benefit of permanently incapacitated persons, in respect of the first house(s) bought after the establishment of the trust, for occupation by the beneficiary or if more than one, each of the beneficiaries.

b) A spouse to a marriage the subject of a decree of judicial separation, a deed of separation, a decree of divorce or a decree of nullity in the case of the first acquisition of a house by the spouse following the separation or divorce provided that the spouse had, in relation to the former marital home,

* left that home;
* not retained an interest in that home;
* Immediately prior to the date of the decree of deed of separation is not beneficially entitled to an interest in a house other than the marital home. At the date of the decree or deed of separation, the separated/former spouse must also be in occupation of the home which was occupied by both spouses prior to the separation or dissolution of marriage

c) Revenue is prepared to accept that a child, who is a first time buyer, will not be precluded from claiming first time buyer relief where a parent acts as a co-mortgagor in the following circumstances-

* The transfer of the property is taken in the name of the first time buyer
* It is the intention of both the first time buyer and any other person that the other person is not to take a beneficial interest in the property
* The other person has been joined into the mortgage solely at the request of the lending institution for the purpose of providing additional security for the monies being advanced for the purchase
* It is not intended that the other person will be contributing to the repayment of the mortgage in the normal course

Where the four conditions set out above are satisfied, Revenue will treat the parent as effectively acting in the role of guarantor for the loan.

Consistent with the above approach, Revenue will also be prepared to treat persons other than parents of the first time buyer, who satisfy similar conditions to those set out above, as effectively acting in the role of guarantor for the loan. Their involvement in that capacity will not be treated by Revenue as precluding a claim to first time buyer relief.
 
This is not rocket science - it does not take a genius to figure out whether they ever had a house before and I am , as always, fascinated by the "nobody told me / it was somebody else who said it" approach of so many people.

Question, how are people who are gifted or inherit a house to be treated if they purchase a new PPR?
 
Leaba,
I'm in the same position and my understanding is that you don't qualify as a FTB if you should purchase a property on your return to Ireland. It's up to you what you tell Revenue but you may well have to tell them if and when you bring the proceeds of the sale into Ireland unless you'll keep the money abroad.

You may well be liable for CGT but there is exemptions that Revenue allow but you need to check the details carefully (as I said above, I'm in the same position right now too)

Overall, keep on the right side of Revenue and the law.
 
Thanks for the replies. I thought the regulations were pretty clear myself, but hubby needed some convincing - after reading the replies, he has seen the light, so thank you. I hope I haven't made myself too unwelcome here, as there are loads of other dumb questions I'd like to ask (no others that are about something illegal, though! :)

Samanthajane - I looked at the current guidelines on the Revenue website - same ones mf1 posted.

Thedoc - glad to see we're not alone in this situation. :) Aaaaah capital gains, hadn't thought of that :eek: - would you have any relevant links handy??
 
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