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11-10-2016, 22:00   #46
Stheno
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Originally Posted by Konata View Post
Is it specified somewhere that you have to be married to be eligible?
No, but Revenue treat taxation of married couples differently from couples who are not married, and it changes the limits.

Couples who are not married pay more tax if one partner earns more than another and hits the 40% threshold much lower than if married.

The difference can be up to 300 per month in the amount of tax paid.
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11-10-2016, 22:05   #47
68 lost souls
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Originally Posted by Stheno View Post
No, but Revenue treat taxation of married couples differently from couples who are not married, and it changes the limits.

Couples who are not married pay more tax if one partner earns more than another and hits the 40% threshold much lower than if married.

The difference can be up to 300 per month in the amount of tax paid.
This stands to knock the point on the head earlier of earners of 36k not benefiting and that you need to be earning in excess of 90k as a couple.

An unmarried couple or indeed a newly married couple who have earned tax superstition for 4 years only have to have earned less than 30,000 each to hit 20k paye over 4 years.
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11-10-2016, 22:05   #48
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Quote:
Originally Posted by Stheno
The difference can be up to 300 per month in the amount of tax paid.

Wow, didn't realise it was that much. Who wants to get married? Giggidy
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11-10-2016, 22:07   #49
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Quote:
Originally Posted by Stheno View Post
No, but Revenue treat taxation of married couples differently from couples who are not married, and it changes the limits.

Couples who are not married pay more tax if one partner earns more than another and hits the 40% threshold much lower than if married.

The difference can be up to 300 per month in the amount of tax paid.
Thanks, obvious now that you've explained it! So a married couple will get less of a rebate than an unmarried couple earning the same income? I guess it all evens out since they would've been paying less tax in the first place (and thus had more net income).
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11-10-2016, 22:10   #50
Stheno
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Originally Posted by 68 lost souls View Post
This stands to knock the point on the head earlier of earners of 36k not benefiting and that you need to be earning in excess of 90k as a couple.

An unmarried couple or indeed a newly married couple who have earned tax superstition for 4 years only have to have earned less than 30,000 each to hit 20k paye over 4 years.
An individual who is married to someone else earning 36k who is also earning the same, will end up paying 4.5k in PAYE every year, which means that they will have paid 18k in the previous four years, so thats the limit they can claim back

http://download.pwc.com/ie/budget-20...lculate+My+Tax


That's a couple who are married and earning 72k

You need to hit 90k for a married couple to qualify for 20k over four years.
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11-10-2016, 22:10   #51
Eric Cartman
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In the same vein of people spending 50k on a car to save 200 a year in tax , I predict that people are now going to go as far as they can to the 400k amount to reap the most from this offer.
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11-10-2016, 22:20   #52
durtybit
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So are we saying this scheme is basically targeting a minority who
a. Pay a lot in taxes
b. Only Build (not buy)
c. Fund 20% of the build
d. Mostly live in high income areas where property prices are already at a premium


Would I be wrong to say this is more like a Help-a-few-people-to-build scheme rather than help-to-buy scheme?
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11-10-2016, 22:23   #53
Stheno
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Yes but what about a non married couple earning 72000 as a couple
They will pay more taxes, so a total of about 7k tax per year, so they can take advantage of the scheme.

My point is that this seems to be aimed at higher earners in most circumstances
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11-10-2016, 22:32   #54
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Myself and partner (not married) are just about to finalise our purchase of a house.
Contracts being signed this week.
House is 245,000. We are paying the standard amount of deposit. so 10% of first 220,000 and 20% of the rest.

I've been living and working in Ireland for 10+ years. salary ranged between 25-35k for the past 4 years.
She's been living and working in Ireland for the past 2 years. salary was 27k for first year, and 32k for the second year.

Does anyone know where we stand with the rebate?

From reading, we meet all requirements, I'm just not sure about PAYE for the past 4 years.

Could we apply for a rebate under me paying PAYE for 4 years, and her paying for the past 2 years?

Or will this rule us out completely?

Any help would be great!
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11-10-2016, 22:32   #55
68 lost souls
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Quote:
Originally Posted by Stheno View Post
They will pay more taxes, so a total of about 7k tax per year, so they can take advantage of the scheme.

My point is that this seems to be aimed at higher earners in most circumstances
But first time buyers that have been really struggling to save a deposit the past few years haven't been able to afford to get married because they have been struggling to save the deposit for a new house.

10-20k on a wedding is far to much for people that have spent 5-10 years saving a deposit up while paying rent and student loans etc. Therefore there are a lot of unmarried couples in the first time buyers market at the moment especially around Dublin.

This will help more people than you think
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11-10-2016, 22:34   #56
68 lost souls
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Quote:
Originally Posted by RoyalMarine View Post
Myself and partner (not married) are just about to finalise our purchase of a house.
Contracts being signed this week.
House is 245,000. We are paying the standard amount of deposit. so 10% of first 220,000 and 20% of the rest.

I've been living and working in Ireland for 10+ years. salary ranged between 25-35k for the past 4 years.
She's been living and working in Ireland for the past 2 years. salary was 27k for first year, and 32k for the second year.

Does anyone know where we stand with the rebate?

From reading, we meet all requirements, I'm just not sure about PAYE for the past 4 years.

Could we apply for a rebate under me paying PAYE for 4 years, and her paying for the past 2 years?

Or will this rule us out completely?

Any help would be great!
I would imagine that it is eligible on your combined PAYE earning over the past 4 years. PAYE online should give you a good idea of what PAYE you and your partner have paid over the past 4 years.
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11-10-2016, 22:36   #57
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Does anyone know whether the scheme will be inclusive or exclusive of VAT when calculating LTV for eligibility? I.e. Will the price on the register be used?
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11-10-2016, 22:39   #58
68 lost souls
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Does anyone know whether the scheme will be inclusive or exclusive of VAT when calculating LTV for eligibility? I.e. Will the price on the register be used?
I'm guessing the value that the banks valuation dictates? That is in essence the value of the property?
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11-10-2016, 22:41   #59
Stheno
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I'm guessing the value that the banks valuation dictates? That is in essence the value of the property?
It's the purchase price which is inclusive of vat
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11-10-2016, 22:44   #60
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Quote:
Originally Posted by Stheno View Post
It's the purchase price which is inclusive of vat
The property price register quotes exclusive of VAT. ðŸ™
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