Is the Stamp Duty promise now policy?

Nige said:
how is the 125 sq m limit a loophole?
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It's not a loophole, but theoretically a person can now purchase a property for 1.5M so long as it's under 125sq m - chances are that FTB is getting a little help from elsewhere, but even if not, is that the type of person who needs to be exempted??
One would imagine that we will see a huge increase in child ownership of properties
 
"how does your solicitor/revenue be sure you are a first time buyer thereby avoiding stamp duty."

The purchaser certifies certain things in the Deed - no-one else. So if you are lying, then the solicitor can only go on your word. Unless they acted for you before and should know.

Again, Revenue rely on the certificates in the Deed but its not rocket science for them to cross check a whole series of f.t.b.'s deeds claiming the exemption against anyone claiming mortgage interest relief. All Deeds have to go to Revenue to be stamped or, if not stampable, to have a PD ( Particulars Delivered ) stamp affixed. The PD form carries the PPS numbers of the parties.

I have said it many times - Revenue are not stupid, tax is self assessment and even if "you get away with it" it will generally come back on you with penalties and interest down the line.

mf
 
dewdrop said:
perhaps a naive question..how does your solicitor/revenue be sure you are a first time buyer thereby avoiding stamp duty.
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I believe it's a trust system. It's up to you to inform your solicitor whether you're a FTB or not. The solicitor must pay the Duty as part of the transaction if you are not a FTB. Revenue do various audit checks on their systems to police it. You get fined penalties if they catch you not paying the correct duty.
 

that's the total ftb exemption being wrong, not a loophole related to the 125sq m limit.
 
Hi

Interesting debate but are you guys sure the 125 sq m exception isn't just in respect of new build properties which would leave new builds in the same position as before the election.

S
 
Saudi said:
Hi

Interesting debate but are you guys sure the 125 sq m exception isn't just in respect of new build properties which would leave new builds in the same position as before the election.

S
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It's a new requirement for second hand houses as set out in the finance bill.
 
Hi guys a little off the main topic but we are first time builders never owned a house i guess we still have to pay stamp duty on the land?

Anyone Know?
 
The new bill that will abolish stamp duty for ftb's will even be backdated to 31 March. We closed on the 16th of March. Can I cry now? :mad:
 
I have to wonder that newspaper article referrred to above have its facts correct re the 125sq mtr restriction now being applied to 2nd hand homes for FTB

(looking at that bill doesn't help as i don't have the text of the original act that this amendment applies to so its hard to work out what the resultant document would say - anyway its in legalese which makes my head spin)

however looking at the plain english explaintion in

http://www.finance.gov.ie/viewdoc.asp?DocID=4770

1. <lists the first time purchaser rates as they stand today>

2. The Bill, when it is enacted, will in effect reduce all these first-time purchaser rates to nil so that every first-time purchaser, who acquires as his or her only or principal place of residence a new or second-hand house or apartment, will not be liable to stamp duty.

point 2 seems to say to me that the intent of the bill is to abolish stamp duty for 1st time buyers of all types and sizes of homes.

Like i said i could be wrong as i haven't cut'n'paste the sections referred to in the amendment into the actual act but it seems a very unlikely scenario to me.
 
Now that i look at that [broken link removed] again it was updated this evening and the comments about the 125sq mtrs on 2nd hand properties are no longer there.

So its seems it cuold have indeed have been a case of inaccurate reporting.

As someone else noted it might keep the upper end of the market going with small children buying houses for their parents and saving them '000s in SD. Not sure that would be the governments intended consequence of the change though.
 
fair play "new build". i couldnt be bothered correcting the earlier poster that claimed the 125mtr part of the new bill. so much dis-information.

it goes to prove that we are still not in comfortable territory for buyers...they will still be waiting for the bill to be passed - and so they should.
 
Mynydd said:
The new bill that will abolish stamp duty for ftb's will even be backdated to 31 March. We closed on the 16th of March. Can I cry now? :mad:
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Don't cry - enjoy your new home - oh and be sure to check what date is on your Deed of Transfer - if it's going to be on or after 31st March 2007 you'll be laughing.
 
As a FTB do i have to pay SD on a 80k site and my new build which is more than 125sqm?
I'm not a legal guy and that document may as well be written in greek.
 
elefantfresh said:
As a FTB do i have to pay SD on a 80k site and my new build which is more than 125sqm?
I'm not a legal guy and that document may as well be written in greek.
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That was mentioned on todayFM last night and the answer appears to be no, sure and 80K site is under the threashold anyway.

But I am not a legal guy either so don't assume I am right.
 
I half heard it on today FM last night also but my boss interupted it and i did not fully hear it. Can anyone confirm if i am due to pay €120,000 for a site next week house 3,000sqf will i have to pay stamp duty?
 
The 125sq m provision was already law (section 92B(3A). This does not appear to have been amended by the new bill.
 
Hey Mynydd, I'm in the same boat as you. Closed at the end of Feb. After Cowen saying he was doing nothing to Stamp duty in the budget i thought i'd take the plunge. Being selfish here but why did he not backdate it to the 1st of Jan. Ah well c'est la vie. At least I have the beautiful Irish summer weather to cheer me up
 
Nige said:
The 125sq m provision was already law (section 92B(3A). This does not appear to have been amended by the new bill.
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Does that mean that i wont pay SD on the price of the site as its "only" 80k but that i will pay SD on the price of the house itself?
 
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