I am buying a house from my parents for a reduced figure of €225,000 the house has been valued as worth €450,000. My solicitor has told me that I would have to pay stamp duty on the €450,000 at 6% €27,000 and my mothers has said that it would be on the €225,000 at 3% (as I get the 6% halved) €6,750 as she will be giving the rest to me as a gift. Does anyone know which is the correct figure ? I have had a look on the Inland Revenue website and I have understood it to be classed as "Consanguinity Relief" so half the normal rate would apply.
Can anyone advise ?
Can anyone advise ?