P
No-the 'FTB' part is somewhat misleading. You qualify for FTB relief for 7 years from the date of your first claim, no matter how often you buy and sell within that timeframe.
I'm not sure about that-the issue was discussed at length here on AAM some time ago. I can't say whether the wording is 'from 7 years of the first claim' or '7 years at the FTB rates'.
Edit-this post would imply that gaps are allowable.
Hi Guys,
Quick question, my partner and I bought our house 3 years ago - so are still on the higher relief, will our relief increase if relief for FTB's increases?
Many thanks
Yes. Each of you can avail of the TRS to your portion of the mortgage (also the same for married couples on seperate assessment) with the higher rate for both if still within the higher FTB term of 7 years.simple question - will a couple not married who are taking out a mortgage get the full benefit of mortgage interest relief - i.e 266 p.m?
Also, to confirm Phoenix's reply, yes. You'll recieve the higher rate for the remainder of your 7 year FTB TRS status. As it's a (VERY) frequent question I'll also confirm that if, within the 7 year TRS term, you and your partner trade up to a new property, even though your a second time buyer, you still recieve the benefits of your 7 year TRS FTB term.I would think yes.......
As it's a (VERY) frequent question I'll also confirm that if, within the 7 year TRS term, you and your partner trade up to a new property, even though your a second time buyer, you still recieve the benefits of your 7 year TRS FTB term.
Once they have owned a property for 7 years (7 years from the day of the first purchase, it doesn't matter how many properties they may buy or sell in this time, or even if they don't own a property for some of this time, 7 years from the first purchase they lose the FTB TRS status and move to the non FTB relief).Now I am confused. So when would someone only get the TRS relief as a non-ftb buyer.
No-the 'FTB' part is somewhat misleading. You qualify for FTB relief for 7 years from the date of your first claim, no matter how often you buy and sell within that timeframe.
Now I am confused. So when would someone only get the TRS relief as a non-ftb buyer.
Yes. 7 years with the higher TRS. Moving or Remortgaging doesn't (/or shouldn't, an error was made somewhere) change this.Is this definite that I should have continued to receive higher relief? If so, I will query with tax office...
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