Another Stamp Duty Question - sorry

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pricilla

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Hi, I've read as much as I can find about this, but being completely new to mortgages and legal stuff, so I'm still unsure of my situation.
The facts and figures are:
I am a first time buyer. I bought a house for €260,000. The square footage is 129m. The site is worth €50,000 and 25% of the house is €65,000.
Which is the more important, the fact that it's under the €317,000 or the square footage?
Reading it one way, I'm 100% exempt from stamp duty, and reading it another way, I'd have to pay some stamp duty on €65,000.
I'm sorry about all this, it must look completely obvious to you, but I would like to know one way or the other so I can be ready. And if it's a big scare - at least I'll get it over with before Halloween :D
Thanks very much and have a lovely weekend.
 
Is it a new or a second-hand house?

The €317,5000 rule applies to second hand houses only.
The floor area rules apply to new houses.

i think!!
 
OK, so see below (extract from )

Stamp duty on new houses and apartments
If the area of the house or flat is greater than 125 sq. metres (1,346 sq. feet), some stamp duty is payable if the Chargeable Consideration is above the relevant exemption threshold. (The stamp duty is assessed on either the cost of the site or 25% of the cost of the site plus the building costs (less VAT), whichever is the greater figure. This figure is called the Chargeable Consideration.

I am very surprise that your now property is 129sqm... usually architect/biulder will make sure to stay below 125 (for obvious SD reason) and go well above, but 129 is "too" close to 125
 
Yeah, the garage is converted in it. Anyway, did you see Rory's post in the link? He says that once it's under €500,000 on a new home, you are exempt.
My solicitor said the same thing. The 25% = €65,000, which is under the €127,000 mark, which makes it exempt. So I am in the clear thank God. I am so happy :D
 
pricilla said:
Yeah, the garage is converted in it. Anyway, did you see Rory's post in the link? He says that once it's under €500,000 on a new home, you are exempt.
My solicitor said the same thing. The 25% = €65,000, which is under the €127,000 mark, which makes it exempt. So I am in the clear thank God. I am so happy :D
Click to expand...

This is not such a thing as €500k threshold as mentionned by Rory.
If €65k is the chargeable consideration, then you are in the clear indeed.
Happy week-end.
Rates

Rates of stamp duty for new houses and apartments with a floor area greater than 125 sq. metres and a Floor Area Compliance Certificate

Chargeable considerationFirst Time BuyerOwner OccupierLess than 127,000 euroExemptExempt127,001 euro - 190,500 euroExempt3%190,501 euro - 254,000 euroExempt4%254,001 euro -317,500 euroExempt5%317,501 euro - 381,000 euro3%6%381,001 euro - 635,000 euro6%7.5%Over 635,000 euro9%9%
 
I have recently read the postings regarding the 'clawing back' stamp duty on an house that was owner ocupied and then rented out within 5 years.

I have checked out the Oasis website and it says "If the first-time buyer rents the house within five years Revenue will claim back or 'clawback' the difference between the higher stamp duty rates and the duty actually paid...."

What would the 'higher stamp duty rates' be on a house < 125 sqm and cost 170k punts back in 2000?

The Oasis web site give the rates for houses > 125 sqm and I was wondering if it's less than that does it mean that there's no 'higher stamp duty rates'?

Thanks,
 
The higher rates in question are the rates that an investor would have paid on the original purchase. Basically the individual becomes liable for the difference between what they paid (possibly 0%) and what an investor would have paid.
 
Thanks Clubman,
I'm trying to calculate this 'higher rate' from the Oasis website

And they have 3 headings for the Rates,

"Rates of stamp duty for new houses and apartments with a floor area greater than 125 sq. metres and a Floor Area Compliance Certificate"

"Rates of stamp duty for second-hand houses and apartments for first-time buyers"

"Rates of stamp duty for second-hand houses and apartments for other owner-occupiers (and investors)"

If it was a new house and under < 125sqm then it doesn't seem to fall under any of the above headings, even if it was bought by an investor. Am I correct or did I miss something??
 
You really need the rates from the year in which the property was purchased which may differ from those in force now. If it was a new house under 125sqm then it was exempt from SD for first or non first time buyer owner occupiers but the applicable rate for investors would have been in the last catgory that you list above.
 
Clubman the last category states that the rates are for "second-hand houses" and not for new houses. Does this mean that the 'new' house is considered a second-hand house once it's rented out?

Thanks
 
The "or investors" bit means that these rates apply to investors in rental properties. There is no distinction between new and second hand houses as far as the stamp duty applicable to investors is concerned. In the case of an owner occupier renting out the property within five years of purchase the relevant investor rate of stamp duty from that list (or at least the list for the year of purchase) applies.
 
I bought a new house which is 131 m² and I was told by the auctioneer that there's no stamp duty to be paid.
I think its something to do with the fact that when all the walls are up the floor area will then be 125 m².
 
Are you sure it's not based on the site value v construction costs calculation as outlined in earlier posts?
 
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