Am I an Owner Occupier or Investor?!

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revbelfast

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I'm thinking of buying a 2-bedroom apartment in Dublin. I live in Belfast but am from Dublin and hope to move back there in a short while. My job provides accomodation for me so the apartment is not going to be where I live all of the time. I may even like to rent it out for the early years of owning. Will this make me an investor or a First Time Buyer (I've never bought anywhere else before)? Does it make any difference in terms of tax breaks? Also, is a Dublin property a good investment these days?!

Thanks

JackintheBelf
 
If it is not your principal private residence then you are an investor. Whether or not it is your PPR depends on whether or not it would be considered your normal/habitual place of residence. Even if you are an owner occupier and rent it out, other than under the rent a room scheme, within 5 years of purchase then you will become an investor and liable for a clawback of stamp duty. If you are an owner occupier then different stamp duty rates apply than if you were an investor, you can claim owner occupier mortgage interest relief and any eventual resale gain is free from CGT. If you are an investor then different tax treatment applies:

Property Investment FAQ

Best to get independent, professional advice on the tax and investment issues involved.
 
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