Can I sell the dwelling house and buy a replacement dwelling house somewhere else provided I meet the '6 out of 7 years' requirement? I've highlighted that part in bold because I am unsure of how to interpret it as in I would interpret that to mean that you can replace the PPR with another PPR but that interpretation seems to conflict with the note at the end.
Am I precluded from buying an investment property for the 6 year period? For example, am I allowed to buy a studio apartment & let it out, with the intention of moving there once 6 years has passed?
If the answer is no to the above, and I sell anyway, am I liable to pay for the full 20% tax relief or only a weighted portion of it? (it has been almost 2 years since the date of gift/inheritence)
I presume, as I have a property I have forfeited my first time buyer status and benefits?
The (FTB) relief can be claimed where the gift of the house was received prior to 22 June 2000 (or prior to 27 June 2000 in the case of part of a house). A gift received after the above date(s) is regarded as a prior purchase and would preclude a person from claiming the relief.
Does the FTB status definitely apply with respect to SD as well as owner occupier mortgage interest relief in this case?Knowing that I can buy a second property and still claim FTB status is a big relief.
Does the FTB status definitely apply with respect to SD as well as owner occupier mortgage interest relief in this case?
Are you referring to the SD clawback or the inheritance tax clawback mentioned earlier?Regarding FTB status, am I right in thinking you can only avail of this when you have no other property interest? So the only 2 ways someone like me could ever be a FTB would be to sell now, pay clawback, buy new PPR as FTB OR wait out the 6 years, then sell, buy new PPR as FTB?
This makes no sense to me. A property is either an investment property or a PPR. It cannot be both - well, other than in the case of a live in landlord not availing of the rent a room scheme I guess? You cannot buy a property, leave it vacant and call it your PPR. You must be living there.Forgetting about FTB status altogether, I undertand then that I can still buy an investment property and keep within the limits of the PPR Relief rules. If that is true, am I allowed to buy an investment property, leave it vacant and use it when I want to? Is this staying on the right side of the PPR Relief?
2. If you intend to buy a new PPR in Dublin and retain the property you already own, but rent it out, this will cause a clawback of the inheritance tax, but you will be regarded as a FTB for the Dublin property and therefore will pay reduced or no stamp duty depending on the price and whether it is new or old. Also you can transfer your TRS relief ( the balance of 7 years if you are already claiming it) to the new Dublin property.
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