Re: Stamp duty and new houses
This is an extract from a Revenue document. I will try and find the link. The key thing you are forgetting about new property for FTB is that the value for stamp duty is a quarter of purchase price. See if you can 'follee' the document.
First Time Buyer
A first time buyer is a person who has not previously purchased or built a house or apartment anywhere in the world and who is purchasing a house or apartment for use as their principal place of residence. Where there is more than one buyer, each of the buyers must be a first time buyer to obtain the reduced first time buyer rate. The benefit obtained where the reduced first time buyer rates apply is subject to clawback provisions.
The rates of duty for first time buyers have been reduced for deeds of conveyence or transfer executed on or after 2 December 2004 (see table below)
Rates of Duty for Residential Property
The rates of duty applicable for residential property (whether new or second-hand) are as follows:
Aggregate Consideration First Time Buyer Rate Pre 2 December 2004 First Time Buyer Rate On/After 2 December 2004 Full Rate
Less than €127,000 Exempt Exempt Exempt
€127,001 - €190,500 Exempt Exempt 3%
€190,501 - €254,000 3% Exempt 4%
€254,001 - €317,500 3.75% Exempt 5%
€317,501 - €381,000 4.5% 3% 6%
€381,001 - €635,000 7.5% 6% 7.5%
Over €635,000 9% 9% 9%
N.B. The Rates above apply to the entire consideration or value of the property, e.g. :
(a) Where the consideration for a property is €150,000 (and the purchaser is not a first-time buyer) the stamp duty liability would be €4,500 (€150,000 @ 3%)
(b) Where the consideration for a property is €350,000 (and the purchaser is not a first time buyer) the stamp duty liability would be €21,000 (€350,000 @ 6%)
(c) Where the consideration for a property is €350,000 and the purchaser IS a first time buyer (where the deed of conveyance is executed on or after 2nd December 2004) the stamp duty liability would be €10,500 (€350,000 @ 3%)
New Houses and Apartments
•Under Floor Area of 125 sq. m
New houses or apartments which are purchased by an owner occupier (including a first-time buyer) where there exists a valid floor area compliance certificate issued by the Department of Environment and Local Government stating that the total floor area of the house/apartment does not exceed 125 square metres are exempt, subject to clawback.
•Over Floor Area of 125 sq. m
New houses or apartments which are purchased by an owner occupier (including a first time buyer) where the total floor area exceeds 125 square metres are charged with duty, at the appropriate residential property rate as per the table above, on the site value (excluding VAT) or one quarter of the total value of the house including the site (excluding VAT), whichever is the greater, subject to clawback. The size of the floor area must be certified by a qualified architect, engineer or surveyor
.