Buying out and stamp duty

[Sogndal]

I am currently buying out of a co-ownership on a property and need to know how the stamp duty will be applied, the revenue are unclear themselves. When I bought the property I paid stamp duty as it was a second hand property, it was in the following budget that first time buyers did not have to pay stamp duty on second hand homes.

The question is, does anybody know what I will end up paying, I fear I will have to pay stamp duty on half the value of a propery I have already paid stamp duty on ?

 

[mf1]

Post your figures. Value of house less amount of mortgage divided in two shows half share which may be less than stamp duty threshold.

Post figures

mf

 

[Sogndal]

The breakdown is like this:

Property Value 490,000 less mortgage 150,000 divided by two = 170,000

The cut off rate is 127,000, does this mean I would just pay 3% of 170,000, that being 5,100. I can live with that if it is the case.

Thanks

 

[alfabeta]

In my opinion you have no stamp duty payable.

 

[Sogndal]

It seems alfabeta is right, I finally got a straight anser from the revenue, as I haven't bought another property I till retain my FTB status on the house and therefore have no SD to pay. Thanks to all !

 

[ClubMan]

Bear in mind that Revenue do make mistakes with information that they give out and making a wrong decision based on such misinformation will not be accepted as a valid excuse for doing so. If in doubt get professional advice/verification.

 

[Laker]

It seems alfabeta is right, I finally got a straight anser from the revenue, as I haven't bought another property I till retain my FTB status on the house and therefore have no SD to pay. Thanks to all !

Bear in mind that if you rent out your house in the five years after buying out you will be liable for stamp duty at the full rate for that half. Your original half has a seperate five year term (from when u signed contracts) that is liable for stamp duty if you rent out the house.