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22-10-2020, 16:13   #3436
Bubbaclaus
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So would an accountant telling you the best way to avoid paying tax or how save paying on tax be illegal?
Its not tax evasion if its not illegle. Its being smart
Its NOT illegle to buy a house and put it in someone else's name so how would it be classed as being ""tax evasion illegal"".
Tax avoidance is perfectly legal. That's what a tax accountant would advise on.

Tax evasion is very much illegal.
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22-10-2020, 17:38   #3437
Meandyou999
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Tax avoidance is perfectly legal. That's what a tax accountant would advise on.

Tax evasion is very much illegal.
I agree as the law states. My point being is that putting a property in some elses name before when ftbs were exempt from stamp duty is not tax evasion it is tax avoidance.
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22-10-2020, 18:29   #3438
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I agree as the law states. My point being is that putting a property in some elses name before when ftbs were exempt from stamp duty is not tax evasion it is tax avoidance.
It would have been considered a gift to you though, given you now had an asset in your name that had been paid for by someone else. So either a large chunk of your lifetime tax free CAT exemption was used up, or else you failed to pay CAT on it (if the property was in excess of the lifetime exemption).
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22-10-2020, 18:32   #3439
Meandyou999
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Originally Posted by Bubbaclaus View Post
It would have been considered a gift to you though, given you now had an asset in your name that had been paid for by someone else. So either a large chunk of your lifetime tax free CAT exemption was used up, or else you failed to pay CAT on it (if the property was in excess of the lifetime exemption).
If it was considered a gift then would i still be eligible for the htb scheme?.
House was 160k
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22-10-2020, 18:42   #3440
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If it was considered a gift then would i still be eligible for the htb scheme?.
House was 160k
Yes, you'd be eligible for HTB.
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22-10-2020, 19:58   #3441
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Yes, you'd be eligible for HTB.
How would you know if it was a gift
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22-10-2020, 22:51   #3442
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HTB eligibility. First time buyer status. Parents bought a house in my name 15 years ago when i was 18 as first time buyers were exempt from paying stamp duty back then hence why they put it in my name on the deeds, house was boughy for cash with the sale proceeds from the previous home they were in. They sold n bought. No mortgage, house bought in my name, am i still a first timer buyer to get the HTB???
Thanks.
Why do you keep asking the same question and ignoring when you get answers you don't like?
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25-10-2020, 11:22   #3443
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Hi all,
I'm wondering if anyone could advise - we're buying a showhouse, it's ready to go now, other than a few snags which the foreman has told us will be completed by Tuesday, and the developer has indicated that they want us to close within 2 weeks of contracts being exchanged (which happened on Friday 23/10/20).
We submitted our HTB claim on Friday night.
My question is how soon can we progress to mortgage drawdown - do we need to wait for the HTB to be verified by the developer or for the HTB funds to actually reach the developer's account before our solicitor can instruct the bank to proceed to mortgage drawdown? And how long does the drawdown process then typically take? We've a baby due in 5 weeks so starting to get a bit impatient and willing things to move as quickly as possible!

Many thanks for your advice
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25-10-2020, 12:13   #3444
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For a self build is it just engineers valuation report i need or do i have to get an auctioneer to value too?
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26-10-2020, 01:20   #3445
Matthew316
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Hi guys, would appreciate your help with the following query, can we claim the full value of HTB if the house price is above the maximum borrowing capacity? For Example

House Price - 335000
Maximum Borrowings - 294000
HTB eligiblity - 25000
Savings - 25000

My understanding is that our maximum affordability is 323400 (10% Deposit + Mortgage) but can we claim full HTB + Savings and take out a mortgage of 285000 (285000 + 50000 =335000)?

I have tried to Google same with no Success
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26-10-2020, 08:00   #3446
cant26
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Originally Posted by Katerrrs View Post
Hi all,
I'm wondering if anyone could advise - we're buying a showhouse, it's ready to go now, other than a few snags which the foreman has told us will be completed by Tuesday, and the developer has indicated that they want us to close within 2 weeks of contracts being exchanged (which happened on Friday 23/10/20).
We submitted our HTB claim on Friday night.
My question is how soon can we progress to mortgage drawdown - do we need to wait for the HTB to be verified by the developer or for the HTB funds to actually reach the developer's account before our solicitor can instruct the bank to proceed to mortgage drawdown? And how long does the drawdown process then typically take? We've a baby due in 5 weeks so starting to get a bit impatient and willing things to move as quickly as possible!

Many thanks for your advice
Hi Katters. To get the loan offer we had to supply the bank with the codes you get from HTB once the claim is verified.
With us we had to get a letter from the developer or the developers solicitor confirming they had received the funds before the bank would proceed to drawdown. They said the codes were not enough. Our broker said they were never asked for this before so it seems new.
This was not stipulated in the loan offer but was one of a few things that drew out the drawdown process.
We had a very quick turnaround. Eight weeks in total from when we submitted our mortgage application to closing the sale and the drawdown process for us was the longest.
Also had a few delays with the HTB, nothing serious but you really need to keep on top of them through My Enquireries. We found them very quick to get back. If you’ve just submitted your application keep a good eye for any extra info they are looking for.
Like you we are due a baby any day now so there was so much pressure to get it over the line. Best of luck with it all.
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26-10-2020, 09:29   #3447
GingerLily
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Originally Posted by Matthew316 View Post
Hi guys, would appreciate your help with the following query, can we claim the full value of HTB if the house price is above the maximum borrowing capacity? For Example

House Price - 335000
Maximum Borrowings - 294000
HTB eligiblity - 25000
Savings - 25000

My understanding is that our maximum affordability is 323400 (10% Deposit + Mortgage) but can we claim full HTB + Savings and take out a mortgage of 285000 (285000 + 50000 =335000)?

I have tried to Google same with no Success
If your mortgage is at least 70% Loan to Value you can use HTB. With those numbers you'd be about 85% (285000/33500) LTV so you're fine!

Last edited by GingerLily; 26-10-2020 at 10:27.
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27-10-2020, 21:22   #3448
mtoutlemonde
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Originally Posted by GingerLily View Post
If your mortgage is at least 70% Loan to Value you can use HTB. With those numbers you'd be about 85% (285000/33500) LTV so you're fine!
Do revenue check this? I'm not completly au fait with the LTV but I'm self building and will be using savings so mortgage may not be enough. Just to see if my understanding is correct - I want to build a house for €200,000, I get mortgage of 110,000 - this does not allow me draw HTB as 110,000/200,000 is 55% - am I correct?
But if you were building for 240,000 and borrowing 180,000 that would be 75% so yes.
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28-10-2020, 10:26   #3449
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Inherited property

Hello all

My bank has told me to try and apply for HTB. We inherited the property, both first time buyers. Mortgage to renovate is €250,000.

Is there any way we are elegible HTB as house inhabitable??

Bank said there was but rev blocking application as LPT on property
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30-10-2020, 17:33   #3450
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Hello all

My bank has told me to try and apply for HTB. We inherited the property, both first time buyers. Mortgage to renovate is €250,000.

Is there any way we are elegible HTB as house inhabitable??

Bank said there was but rev blocking application as LPT on property
to claim HTB, you must:

be a first-time buyer
buy or build a new property between 19 July 2016 and 31 December 2021
live in the property as your main home for five years after you buy or build it
be tax compliant, if you are self assessed you must also have tax clearance.

Unless you knock the house and do a new build on the site I would say no
But It costs nothing to check with revenue
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