Would I be better off moving back in and pretending I never left?
From what I've read here I thought you had to be out 12 months before there was any stamp duty claw back so surely he can move back in and avoid that?
One cent over does not mean stamp duty clawback. It does mean tax ( @ 20%) on the total amount though.
On this specific point - rental income not tax free under the rent a room scheme is assessable for income tax at your marginal rate. It doesn't automatically get taxed at 41% (never mind 40% or 42% mentioned above which are not current income tax rates at all).and 40% on your total earnings?
What do you mean by this?We'll be renting the whole house between us
This is not correct - for example you can obviously make up to €10K p.a. on the owner occupier rent a room scheme and avoid tax through any orifice.It seems you cant make a penny anywhere in Ireland without getting taxed through the nose..
Investors are subject to these taxes. Your problem is not so much the tax rules but rather that you seem to have received bogey advice.Stamp duty.... tax on money made... and then CGT!
Is there no end?
Er - right....Whats next? Air will more than likely have a tax in the not to distant furture... *rant over*
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