TRS question

[johnnybegood]

Hi guys,

Just a quick question re TRS. I know the relief is given to first time buyers is €8,000 for a married couple and that is over 7 seven years.

If a couple sell that home and buy another house say in year 3 do they then automatically lose the beneift of the €8,000 for the 7 years and instead revert back to the normal limit of €5,080.

MAY SOUND LIKE A STUPID QUESTION I KNOW IT SAYS "FIRST TIME BUYER" BUT JUST WONDERING?

 

[ClubMan]

If a couple sell that home and buy another house say in year 3 do they then automatically lose the beneift of the €8,000 for the 7 years and instead revert back to the normal limit of €5,080.

As far as I know - yes.

MAY SOUND LIKE A STUPID QUESTION I KNOW IT SAYS "FIRST TIME BUYER" BUT JUST WONDERING?

It's actually more specific than that and technically refers to the first mortgage although I think that Revenue make allowance for owner occupiers switching to a more competitive lender/mortgage on their first house purchase.

 

[CCOVICH]

Was just thinking about this the other day myself. The maximum loss would be calculated as (€8,000-€5,800)@20% = €440 per annum?