No stamp duty for first time buyers

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brilliant81

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Can anyone help me on this? I am currently in the process of buying a house with another person. I am a first time buyer but the other person is not. We are getting a mortgage together with both names on contract. What is the implication here? Should we be entitled to no stamp duty as I am a first time buyer? Is this exemption from stamp duty gone from me now by entering this arrangement. All comments on this are welcome please
 
If all joint buyers are not FTBs then they are jointly classed as non FTBs I'm afraid.
 
But if I go onto to buy a house later on with another first time buyer will we still have to pay stamp duty??
 
First Time Buyers are not exempt from Stamp Duty, the exemption is only up to a certain amount (317500) than they get a reduced rate over an above.
 
FTBs of new houses under 125sqm are exempt from SD. FTBs of second hand houses are exempt from SD on houses under €317,500 and are subject to lower than normal (non FTB/investor) rates above that. Joint buyers are only treated as joint FTBs if they are each FTBs. Otherwise they are jointly considered non FTBs even if some of them would be FTBs if they purchased alone.
 
ClubMan said:
FTBs of new houses under 125sqm are exempt from SD.....Otherwise they are jointly considered non FTBs even if some of them would be FTBs if they purchased alone.
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All owner-occupiers, inluding non-FTBs, are exempt from SD on new houses under 125sqm. This may be the best option for you both if you want to avoid SD.
 
xeresod said:
All owner-occupiers, inluding non-FTBs, are exempt from SD on new houses under 125sqm.
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Correct - apologies for any confusion caused by my post above.
 
Darth Vader said:
whats the situation if the house is over the 125sq meter limit?
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See for how the chargeable consideration is calculated from the site and/or building costs:
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.
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And as long as the chargeable consideration isnt above €317,500 for a first times buyer, they will be exempt.
Isnt that the case at the moment?
 
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