1st buyer status changed if buy abroad?

M

monkeyboy

Registered User
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668
Hi

My bro has bought a place in Liverpool.
Does this affect 1st time buyer status at home?

thanks
MB
 
How does this affect you if youa re a resident in a forigen country and have a home -then relocate back to ireland. Same thing..?
 
doogan said:
How does this affect you if youa re a resident in a forigen country and have a home -then relocate back to ireland. Same thing..?
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Yes, according to the [broken link removed].
 
Thanks.

Would he be liable to any taxes selling and lodging money to his Irish acc. ( Irish taxes, not UK cgt or the like )ie. bringing the money back into Ireland.?

As I am guarantor we plan to split any profits made in time. Is there a certain amount that can be passed on tax free between siblings?

Thanks again
 
monkeyboy said:
Would he be liable to any taxes selling and lodging money to his Irish acc. ( Irish taxes, not UK cgt or the like )ie. bringing the money back into Ireland.?
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No, I don't think so.

moneyboy said:
As I am guarantor we plan to split any profits made in time. Is there a certain amount that can be passed on tax free between siblings?
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He can gift you €3,000 per annum without any tax implications AFAIA (if I have interepreted the CAT legislation correctly), otherwise the lifetime threshold is €47,815 for transfers between siblings.

You really should be receiving professional advice on the issues raised in this thread from either your solicitor or a tax advisor.
 
Thanks Ccocvich, its early days yet have no intention of selling for a long time and as such all could have changed over such a time.
 
Although he's not a FTB any more you have to ask how the Revenue would know? If he bought abroad and took out the mortgage through a British bank chances are he could get away with maintaining his FTB status here. But chances are the Revenue will start investigating this whole area in a few years time as fraud is so widespread
 
aaa1 said:
Although he's not a FTB any more you have to ask how the Revenue would know? If he bought abroad and took out the mortgage through a British bank chances are he could get away with maintaining his FTB status here. But chances are the Revenue will start investigating this whole area in a few years time as fraud is so widespread
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By the same token I could open an offshore bank account to hide any money I make in my business that takes in a lot of cash and so avoid paying tax on it. The Revenue will never think to look into that sort of thing ........

Tax evasion is a completely false economy that should be self evident to anyone with a brain in their head.
 
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