Was hoping someone could help me out with a question about my qualification (or not) for Mortgage Interest Relief.
I am not a first time buyer. I owned a flat in England for four years from 2003 but have been back in Ireland for a couple of years. I have not claimed relief in Ireland at any stage. Is it true that that, as I have claimed no tax relief, I will be eligible for tax relief should I buy a house for personal use by the end of 2011? I would be eligible for a lower rate of relief should I buy a house during 2012?
I am basing my guesses on the revenue and citizens’ information websites but am a bit unsure as to what my specific eligibility is.
I do know that in the big scheme of things tax relief is insignificant compared to price but would like to know where I stand. Do I qualify or not?
I don’t know about Mortgage Interest Relief, but if the same rule applies as to Stamp Duty, then in order to qualify as an FTB for stamp duty, you can not have owned property in “Ireland or abroad”
Yes IDONTKNOW, I know I’m a lost cause on that one.
Since 1 January 2009, mortgage interest relief is 15% if you are not a first-time buyer. The relief is subject to upper limits, depending on your personal situation. From 1 May 2009 onwards, tax relief is no longer allowable if you had already claimed relief on the mortgage for 7 or more tax years by that date. *
Thanks ‘The Unwelcome Guest’, I saw that earlier and it is what I was hoping would enable me as a non-first-time buyer who has never claimed relief to qualify for relief from now on. The references to a cut off year of 2003 (earlier on the page) worry me a bit. My hope is that a new and separate purchase would re-entitle me to relief?