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Budget Headline-€8k for FTB

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  • 06-12-2006 2:48pm
    #1
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,217 Mod ✭✭✭✭


    Any updates on the budget?

    Just saw this headline in the Herald

    Edit: Budget doesnt start till 3:45. ****ing Hearld. Why did I bother!


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    #2
    whizzbang
    Registered Users Posts: 1,366 ✭✭✭whizzbang


    8k for FTB, now that would be a silly quick fix to grab a few votes for the election, not that they'd do that..

    I think thats just the herald trying to sell papers ;)


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    #3
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,217 Mod ✭✭✭✭godtabh


    whizzbang wrote:
    8k for FTB, now that would be a silly quick fix to grab a few votes for the election, not that they'd do that..

    I think thats just the herald trying to sell papers ;)


    If they did it I wont vote for them but I'd take their money.

    Probably just to sell papers all right. I was set to buy it but I didnt have enough change and I wasnt breaking any notes. Ha you lose EH!


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    #4
    Lex Luthor
    Registered Users Posts: 11,220 ✭✭✭✭Lex Luthor


    so all houses are going up by €8k tonight?


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    #5
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,217 Mod ✭✭✭✭godtabh


    Lex Luthor wrote:
    so all houses are going up by €8k tonight?


    Hopefully not the ones that have been signed for!


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    #6
    diego
    Closed Accounts Posts: 12 ✭diego


    they are only dealing with mortgage interest relief. it won't have any impact on the market so we get to see if things are really tanking or if there's one last dying sting left...


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    #7
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,217 Mod ✭✭✭✭godtabh



    Mortgage interest relief for first-time buyers to be doubled to €8,000 for a single person

    How does mortgage interest relief work?


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    #8
    markpb
    Registered Users Posts: 9,306 ✭✭✭markpb


    kearnsr wrote:
    How does mortgage interest relief work?

    I was going to describe it but this does it better.

    Basically you can claim 20% of part (16k) of the interest part on your mortgage back, up to a certain limit.


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    #9
    CiaranC
    Closed Accounts Posts: 6,300 ✭✭✭CiaranC


    Im just a lowly engineer, this mumbo jumbo gives me a headache.

    Where are you getting 16k from and how do you know what the limit is?


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    #10
    JackieChan
    Closed Accounts Posts: 1,829 ✭✭✭JackieChan


    Currently for a single person paying a mortgage they claim tax relief(at 20%) on up to 4000 of the interest they pay in a given year.
    4000 @20% is 800(or approx 67 per month).

    With todays budget this relief becomes 134pm(relief of up to 8000 pa)

    The 16k is the interest limit for a married couple(double the 8k for a single person)


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    #11
    CiaranC
    Closed Accounts Posts: 6,300 ✭✭✭CiaranC


    Thanks JackieChan. If theres two people on the mortgage can they both claim credits? Or just one of you?


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    #12
    podge018
    Registered Users Posts: 1,817 ✭✭✭podge018


    Okay, so what does this mean for a person who is buyinga house tomorrow, literally, I'm closing the deal tomorrow.


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    #13
    Victor
    Registered Users Posts: 78,396 ✭✭✭✭Victor


    podge018 wrote:
    Okay, so what does this mean for a person who is buyinga house tomorrow, literally, I'm closing the deal tomorrow.
    Assumming you are paying maximum interest and maximum tax, you will be €67/month better off.


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    #14
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,217 Mod ✭✭✭✭godtabh


    Victor wrote:
    Assumming you are paying maximum interest and maximum tax, you will be €67/month better off.


    What do you mean by maximum interest?


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    #15
    Victor
    Registered Users Posts: 78,396 ✭✭✭✭Victor


    kearnsr wrote:
    What do you mean by maximum interest?
    You can only avail of the full credit if you are paying that amount in interest. If you only have a modest mortgage and are only paying €500 a year in interest, then you credit will be based on that, not the €16,000.


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    #16
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,217 Mod ✭✭✭✭godtabh


    Victor wrote:
    You can only avail of the full credit if you are paying that amount in interest. If you only have a modest mortgage and are only paying €500 a year in interest, then you credit will be based on that, not the €16,000.


    Thanks for that.

    Another quick question.

    A friend of mine bought a place with his girlfriend.

    Can each of them get the €8000 or is down to the mortgage only?


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    #17
    Victor
    Registered Users Posts: 78,396 ✭✭✭✭Victor


    kearnsr wrote:
    Can each of them get the €8000 or is down to the mortgage only?
    I suspect both will need to be owners, named on the mortgage and paying enough tax.


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    #18
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,217 Mod ✭✭✭✭godtabh


    Victor wrote:
    I suspect both will need to be owners, named on the mortgage and paying enough tax.


    They arent sure so they are going to see their money man next week


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    #19
    BaZmO*
    Registered Users Posts: 18,625 ✭✭✭✭BaZmO*


    Victor wrote:
    I suspect both will need to be owners, named on the mortgage and paying enough tax.
    I bought a house with a friend back in May. Will both of us will be entitled to the increased mortgage interest relief? Or is it only for people that are in the process of buying a new house?


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    #20
    Victor
    Registered Users Posts: 78,396 ✭✭✭✭Victor


    BaZmO* wrote:
    I bought a house with a friend back in May. Will both of us will be entitled to the increased mortgage interest relief? Or is it only for people that are in the process of buying a new house?
    I suspect its the same definition they had before - I think the first five years. You may have to wait for the Finance Bill for clarity.


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