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<input value="Any" name="my_type1" type="hidden" /> <input type="submit" value="Search" class="stlye2" name="submit" onclick="Changeaction(this.my_cat1)" /> &nbsp;&nbsp;</td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> </tr> </table> </form><!-- #EndLibraryItem --></td> </tr> <tr> <td><!-- #BeginLibraryItem "/Library/featured-prop.lbi" --> <style type="text/css"> <!-- .stlye2 { font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11px; font-weight: bold; color: #3F6694; text-transform: none; } .style21 {font-size: 11px; font-weight: bold; text-transform: none; font-family: Verdana, Arial, Helvetica, sans-serif;} --> </style> <table width="203" border="0" align="left" cellpadding="5" cellspacing="0" background="../images/featuredprop-bg.gif"> <tr> <td height="32" align="left">&nbsp;</td> </tr> <tr> <td> <div align="center"><span class="stlye2">Cregg Beach, Lahinch, Co. Clare </span> <br /> <!-- <strong class="style21"><font color="#CF2E4C">PRICE: ¬ 289,500 </font></strong> --> </div></td> </tr> <tr> <td><table width="60" border="1" align="center" cellpadding="2" cellspacing="0" bordercolor="365880" bgcolor="#FFFFFF"> <tr> <td width="120"><div align="center"><a href="oftheweek.htm"><img src="../images/ofthemonth/cregg-small.jpg" alt="Cregg Beach" width="120" height="85" border="0" /></a></div></td> </tr> </table></td> </tr> <!-- <tr> <td><div align="center"> <applet code="TextScroll.class" width="160" height="80" border="2" vspace="0" class="sapp" hspace="2" codebase="../property"> <param name="data" value="../property/news-blk.txt" /> </applet> </div></td> </tr> --> </table> <!-- #EndLibraryItem --></td> </tr> <tr> <td><!-- #BeginLibraryItem "/Library/new-devs.lbi" --><table width="203" border="0" align="left" cellpadding="0" cellspacing="0" background="../images/darkerblue-bg.gif"> <tr> <td width="203" align="left"><img src="../images/prop-newdev.gif" /></td> </tr> <tr> <td><div align="center"><span class="stlye2">Galway Road, Ennis<br /> </span> <strong class="style8"><strong>L&Eacute;IM AN BHRAD&Aacute;IN </strong></strong> <br /> </div></td> </tr> <tr> <td><table width="135" border="1" align="center" cellpadding="2" cellspacing="0" bordercolor="365880" bgcolor="#FFFFFF"> <tr> <td><a href="property-special.htm"><img src="../images/leim-an-bhradain-special.gif" width="144" height="87" border="0" /></a></td> </tr> </table></td> </tr> <tr> <td height="15"><div align="center"><span class="style1"><span class="stlye2"><img src="../images/MENU_r23_c1.gif" alt="separator" width="203" height="15" /></span></span></div></td> </tr> <tr> <td height="0" valign="top"><form action="http://www.philiporeilly.com/cgi-bin/pormail.cgi" onsubmit="MM_openBrWindow('','','')" target="EmailList" class="formMargins"> <div align="center" class="style1"> <table width="100%" border="0" cellspacing="0" cellpadding="2" height="28" align="center"> <tr> <td height="28"><div align="center"><span class="stlye2">Receive our Newsletter<br /> </span><font face="Verdana, Arial, Helvetica, sans-serif">Simply enter your email address and submit.</font> </div></td> </tr> </table> <input type="hidden" name="flavor" value="subscribe" /> <input type="hidden" name="list" value="Latest_News_from_www.PhilipOReilly.com" /> <input name="email" type="text" class="CONTENT" value="email address here" size="20" onfocus="this.value=''" /> <input name="submit" type="submit" class="table_content" value="Go!" /> <font face="Verdana, Arial, Helvetica, sans-serif" size="2"><b><br /> </b></font><font face="Verdana, Arial, Helvetica, sans-serif"><span class="private">We maintain a strict &quot;No Spam&quot; policy. See our <a href="../privacypolicy.htm">Privacy Policy</a>.</span></font> <br /> <br /> </div> </form></td> </tr> </table> <!-- #EndLibraryItem --></td> </tr> <tr> <td><table width="203" border="0" cellpadding="0" cellspacing="0" bgcolor="#B9C7D9"> <tr> <td><img src="../images/bottomline-sidemenu.gif" width="203" height="1" alt="bottom" /></td> </tr> </table></td> </tr> </table></td> <td width="544" valign="top"> <table width="97%" border="0" cellspacing="0" cellpadding="0" align="right"> <tr> <td width="25" height="27"><div align="left"><img src="../images/head_prop_sq.gif" alt="Financial Services" width="19" height="19" /></div></td> <td width="419" class="headingPOR"><!-- #BeginEditable "header" -->Purchasing Property <!-- #EndEditable --></td> <td width="96" class="hText"><div align="right"><a href="../index.htm" class="ebsHomePageTitles">home</a></div></td> </tr> <tr> <td height="8" colspan="3" background="../images/head_dots.gif" ></td> </tr> <tr> <td colspan="3"><br /> <!-- #BeginEditable "main contents" --> <p><b class="propertyTitles">Tax Implications </b> </p> <table width="100%" border="0" cellpadding="0" cellspacing="0" class="tableContentHeadingsProp"> <tr> <td>&nbsp;&nbsp;<b> Mortgage Interest Relief</b></td> </tr> </table> <p align="justify" class="text">From 1st January 2002 mortgage interest relief is available at source at the standard rate of tax only (20%). This means that your mortgage provider will reduce your monthly repayments by the amount of tax relief you are entitled to.</p> <p align="justify" class="text">From 1st January 2004 first time mortgage holders, for the first seven years, (five years prior to 1st January 2003) can claim 100% tax relief on the interest paid within the following limits:</p> <ul> <li class="text">&euro;8,000 for a married couple, who are jointly assessed for tax</li> <li class="text">&euro;8,000 for a widow (er)</li> <li class="text">&euro;4,000 for a single person</li> </ul> <p align="justify" class="text">Non first time buyers can receive 100% tax relief on interest paid within the following limits:</p> <ul> <li class="text">&euro;5,080 for a married couple who are jointly assessed or a widowed person</li> <li class="text">&euro;2,540 for a single person</li> </ul> <p align="justify" class="text"><b>Bridging Loan Interest</b></p> <p align="justify" class="text">Additional tax relief is allowed for interest on bridging loans obtained to finance the disposal of your main residence and the acquisition of another residence. This relief is confined to a period of 12 months from the date the loan is obtained. It is subject to the same restrictions as mortgage interest. However, both relief's may be claimed at the same time.</p> <table width="100%" border="0" cellpadding="0" cellspacing="0" class="tableContentHeadingsProp"> <tr> <td>&nbsp;&nbsp;<b>Endowment Mortgage</b></td> </tr> </table> <p align="justify" class="text">The other way a mortgage can be arranged is by the endowment method, which combines a home loan with a life assurance policy. Under this method the borrower pays the lender interest for the entire term, while at the same time paying monthly premiums into a life assurance investment policy. (Since it is also a life assurance policy, you will not have to take out a separate mortgage protection policy.) If all goes well with the investment markets, there will be sufficient growth to create an investment fund to pay off the original capital sum at the end of the loan term. </p> <p align="justify" class="text">Unlike conventional annuity mortgages with which you repay both interest and capital each month, an endowment mortgage involves only the repayment of interest and this interest can qualify for full mortgage interest relief for the full duration of the loan. This was a major selling point of mortgages in the early 1990's, but it is of little merit now as mortgage interest relief has been clawed back significantly in recent years.</p> <table width="100%" border="0" cellpadding="0" cellspacing="0" class="tableContentHeadingsProp"> <tr> <td>&nbsp;&nbsp;<b>Pension Mortgage</b></td> </tr> </table> <p align="justify" class="text">A pension mortgage is similar to an endowment one, in that interest is paid on the loan during the term of the contract. In this case, the investment vehicle which is used to pay off the capital is the homeowner's personal pension plan. Under Revenue rules a quarter of the final pension fund value can be paid out as a tax-free lump sum, and it is this sum which is used to repay the mortgage capital.</p> <table width="100%" border="0" cellpadding="0" cellspacing="0" class="tableContentHeadingsProp"> <tr> <td>&nbsp;&nbsp;<b> Stamp Duty Costs</b></td> </tr> </table> <p align="justify">Stamp Duty is primarily a tax on documents. For the most part, these are documents used in the transfer of property or which create rights for the parties concerned. For example, when you purchase a second-hand house, stamp duty is chargeable on the conveyance document which transfers ownership to you. </p> <p align="justify"><b>For more detailed information see</b><b> <a href="StampDuty.htm">Stamp Duty Costs.</a> </b></p> <table width="100%" border="0" cellpadding="0" cellspacing="0" class="tableContentHeadingsProp"> <tr > <td>&nbsp;&nbsp;<b>VAT on Commercial Property</b></td> </tr> </table> <p align="justify">When purchasing property one should always consider the VAT implications. Many commercial properties are not liable at all to VAT but then others are. Therefore it is important that before purchasing a commercial property one establishes the possibility of a potential VAT liability. One should also consult their Accountant in such matters. </p> <table width="100%" border="0" cellpadding="0" cellspacing="0" class="tableContentHeadingsProp"> <tr> <td height="2">&nbsp;&nbsp;<b> Rent a Room - Tax Free</b> </td> </tr> </table> <p><br /> The &quot;Rent A Room Scheme&quot; was introduced by the Finance Act 2001. Its main aim was to increase the availability of rented residential accommodation and permitted a person to let a room (or rooms) in their principal private residence, with gross annual rental income of up to &euro;7,620 being exempt from tax.<br /> Room rentals coming within the scope of this scheme will not trigger a clawback of any stamp duty relief, nor will it affect full entitlement to Capital Gains Tax principle private residence relief (in the event of a subsequent disposal of the property) nor full entitlement to mortgage interest relief. </p> <p>&nbsp;</p> <!-- #EndEditable --></td> </tr> </table></td></tr> </table></td> </tr> </table> <table width="780" border="0" align="center" cellpadding="2" cellspacing="0"> <tr> <td><div align="right"> <table width="100%" cellspacing="0" cellpadding="0" border="0"> <tr> <td width="83%" height="40"><div align="left"><span class="footerlinks">Philip O Reilly &amp; Co Ltd. T/A &quot;Philip O Reilly Property Plus.&quot;</span><b><br /> <span class="footerlinks">Registered in Ireland. Registered Office: 22 Abbey St. Ennis, Co Clare, Ireland. Registered No: 88408.</span><font color="#FFFFFF"><span class="footerlinks"></span></font><br /> <span class="footerlinks">Tel: + 353 65 68 44448&nbsp; Fax: + 353 65 68 20496&nbsp;&nbsp;&nbsp;E-Mail:</span><span class="footerlinks"><a href="mailto:info@philiporeilly.com"><font color="#FFFFFF">info@philiporeilly.com</font></a></span></b><br /> <b><br /> </b></div></td> <td width="9%" rowspan="3"><div align="center"><img src="../images/iso.gif" alt="ISO 9001 Quality Assured Firm" width="50" height="45" border="1" /><img src="../images/ivai.gif" width="69" height="45" alt="Member of IAVI, the Irish Auctioneers and Valuers Institute." /><img src="../images/iba_logo.gif" width="50" height="46" /></div></td> </tr> <tr> <td class="sidebarWhiteLink"><div align="left"><a href="../index.htm" class="sidebarWhiteLink">Home </a>- &nbsp;<a href="index.htm" target="_parent" class="sidebarWhiteLink" >Property </a>- <a href="../finance/index.htm" target="_parent" class="sidebarWhiteLink" >Finance </a>- <a href="../insurance/index.htm" target="_parent" class="sidebarWhiteLink" >Insurance </a>- <a href="../mortgages/loan-centre/index.htm" target="_parent" class="sidebarWhiteLink" > Mortgage Centre </a>- <a href="../taxcentre/index.htm" target="_parent" class="sidebarWhiteLink" >Tax Centre </a>- <a href="../Quotation.htm" target="_parent" class="sidebarWhiteLink" >Quotation Centre </a>- <a href="../about_us_1.htm" class="sidebarWhiteLink">About Us </a>- <a href="../site-map.htm" target="_parent" class="sidebarWhiteLink" >Site Map </a>- <a href="../news.htm" class="sidebarWhiteLink">News</a> - <a href="../news.htm" class="sidebarWhiteLink"><font color="#FFFFFF"><br /> </font></a><a href="JargonBuster.htm" class="sidebarWhiteLink">Jargon Busters </a><font color="#FFFFFF">-</font> <font face="Verdana, Arial, Helvetica, sans-serif" size="1"><a href="../comments_1.htm" class="sidebarWhiteLink">Comments </a><font color="#FFFFFF">-</font> </font><a href="mailto:info@philiporeilly.com" class="sidebarWhiteLink">E-Mail </a><font color="#FFFFFF">-</font> <font color="#FFFFFF"><a href="../termsofbusiness.htm" class="sidebarWhiteLink">Terms of Business</a> - </font><a href="../productproviders.htm" class="sidebarWhiteLink">Product Providers </a>- <small class="sidebarWhiteLink"><a href="../status.htm" class="sidebarWhiteLink">Statement of Authorised Status </a>-&nbsp;<font face="Verdana, Arial, Helvetica, sans-serif" size="1"><a href="../privacypolicy.htm" class="sidebarWhiteLink">Privacy Policy </a></font></small><small class="sidebarWhiteLink">&nbsp;</small> </div></td> </tr> <tr> <td height="24" valign="top" class="sidebarWhiteLink"><div align="left"><span class="footerlinks"><br /> Philip O'Reilly &amp; Co Ltd., trading as &quot;Philip O Reilly Property Plus&quot; is regulated by the Financial Regulator as a Multi Agency Intermediary &amp; Mortgage Intermediary in respect of Mortgages &amp; Financial Services. 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