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Help-to-buy / House Letting

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  • 24-04-2021 7:38am
    #1
    HowsTricks101
    Registered Users Posts: 2 ✭


    Hi all,

    I purchased a property last year and received the help-to-buy allowance and have lived there as my home. I've been offered the opportunity to move abroad with my company but I'm unsure if I'm allowed to rent my home while I'm gone. The HTB scheme seems to state that you must live in your home for 5 years.

    Does anyone have any advice as I really want to take the job offer but can't afford to leave the property vacant and pay the mortgage while I'm gone?

    Thanks
    Tagged:


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    #2
    DmanDmythDledge
    Registered Users Posts: 883 ✭✭✭DmanDmythDledge


    If its a temporary relocation because of work you should be fine. You would just need to retain evidence you are required to relocate, not purchase any other property and return to the house as soon as your work assignment is finished.

    Any period away from the home does not count for the 5 year test, i.e. If you are away for 3 years and then sell the house after another 2 years, that's still within the 5 year clawback period.


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    #3
    barneystinson
    Registered Users Posts: 4,683 ✭✭✭barneystinson


    See 18.4 in this document. https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-01-46.pdf

    Temporary relocation for work during the 5 year clawback period

    Where occupation ceases temporarily within the 5-year period due to relocation for the HTB claimant’s job, Revenue are prepared to accept that a clawback does not arise provided the following criteria are met:

     The relocation is required by the claimant’s job and evidence to that effect is provided by the employer concerned,
     The claimant does not purchase another property to reside in,
     The claimant returns to live in the HTB property as his or her main residence upon completion of the work assignment,
     The period of absence, from the HTB property, due to the work assignment will not be regarded as relevant, for the purposes of satisfying the requirement that the house be occupied by the claimant for 5 years from first occupation of the house, in order to avoid a clawback of the HTB relief.
    e.g. if the claimant ceases to occupy the HTB property for 6 months due to relocation by their work, the period of occupation required in order to avoid a clawback, in any other event of ceasing to occupy the property, must be 5 years and 6 months from the date of first occupation of the house.


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