first time buyer & stamp duty

E

Eve1

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Yet another ftb question relating to stamp duty!

We are building a house, which is the first home we ever bought. We are now considering selling it once it is finished for various reasons.
Am I correct to say that we would then have to pay capital gains on the house as we never occupied it?
If this is the case would we be considered first time buyers (relating to stamp duty) if we purchase another house? Not sure if it would have any implication but we have not processed our tax relief on the property we are building yet.

Thanks
 
CGT - possibly. Revenue may take the view that it is income. And tax you on any profit.

You won't be f.t.b.'s again. Thats a once off situation except in exceptional circumstances.

Who is a first time buyer?
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 under the rent-a-room-scheme, is derived from the property for five years after the date of the current purchase.


mf
 
Thanks for that,
CGT and stamp duty!
we would be better off to move into the property for a year or so then to avoid to the CGT.

thanks again
Eve1
 
mf1 said:
CGT - possibly. Revenue may take the view that it is income. And tax you on any profit.

You won't be f.t.b.'s again. Thats a once off situation except in exceptional circumstances.

Who is a first time buyer?
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 under the rent-a-room-scheme, is derived from the property for five years after the date of the current purchase.


mf
Click to expand...

What if someone has inherited a property, would they still be considered a ftb?
 
I 've heard of 2 cases, one involving someone who owned a holiday home abroad but still was a ftb.
The second was someone who owned a commercial property in dublin city centre yet still got a ftb .

Im trying to discover the significance of what was said above . Can you own investments like the 2 people I know about and still get a ftb due to not having a 'home' of your own or is this illegal ?
 
Hi Eve

When you are building the house, as soon as you get the electricity (for example) switched on, get the bills sent to the house. Therefore, you can say you were living in the house from the dates you have been getting the bills - and use the bills as proof - just an idea, and it might save you 4 or 5 months living in the house.
 
" I've heard of 2 cases, one involving someone who owned a holiday home abroad but still was a ftb.
The second was someone who owned a commercial property in dublin city centre yet still got a ftb .

Im trying to discover the significance of what was said above . Can you own investments like the 2 people I know about and still get a ftb due to not having a 'home' of your own or is this illegal ?"

This is illegal - they lied.

"What if someone has inherited a property, would they still be considered a ftb?"

From Revenue - google to get full brief.

Can I avail of first time buyer relief if I have previously inherited a house?
Yes. An inheritance is not regarded as a previous purchase and the first time buyer relief can be claimed provided all other conditions of the relief are satisfied.


mf
 
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