J jph Registered User Messages 98 22 Aug 2013 #1 I am paying the mortgage for a family member as their circumstances have changed - does my supporting them affect their mortgage relief in any way? Thanks in advance jph
I am paying the mortgage for a family member as their circumstances have changed - does my supporting them affect their mortgage relief in any way? Thanks in advance jph
Brendan Burgess Founder Messages 52,278 22 Aug 2013 #2 You are giving them a gift of money. They are paying their mortgage. They are entitled to the ordinary TRS on their mortgage while they are paying it. If you are giving them a gif in excess of the threshold, they would be liable for Capital Acquisitions Tax
You are giving them a gift of money. They are paying their mortgage. They are entitled to the ordinary TRS on their mortgage while they are paying it. If you are giving them a gif in excess of the threshold, they would be liable for Capital Acquisitions Tax
C ClaireM Registered User Messages 159 22 Aug 2013 #3 There used to be tax relief on mortgages paid for dependent relatives in certain circumstances. I don't know if it still exists
There used to be tax relief on mortgages paid for dependent relatives in certain circumstances. I don't know if it still exists
J jph Registered User Messages 98 22 Aug 2013 #4 Thank you both for your prompt reply. I am giving them the cash amount on a monthly basis to pay the mortgage until their circumstances change (hopefully). thanks again.
Thank you both for your prompt reply. I am giving them the cash amount on a monthly basis to pay the mortgage until their circumstances change (hopefully). thanks again.