Stamp Duty Calculation

Hi there

I hope someone can help. We are in the process of purchasing a new house.

Total price is €322,000, the contract we signed stated the value of the site is €122,000 and the build €200,000.

It is a new house, approx 2500 sq feet.

We are not first time buyers.

I have calculated stamp duty to be zero, but I received an e-mail from my solicitor today just saying that she needed to speak to me re stamp duty, so now I am worried that I have miscalculated.

I have e-mailed her back and expect to hear from her tomorrow but can anyone give me their thoughts in the meantime?

Many thanks

my understanding is that because the value of your site is under 127k ( its 122k) and if your an owner occupier and its a new house then your exempt from paying stamp duty regardless of you not being a 1st time buyer . think thats correct anyhow.

Berbatov said:

my understanding is that because the value of your site is under 127k ( its 122k) and if your an owner occupier and its a new house then your exempt from paying stamp duty regardless of you not being a 1st time buyer . think thats correct anyhow.

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No thats not entirely correct. Where the floor area of a new house exceeds 125 sq.m, then stamp duty may be payable by a ftb or o.o. It is calculated as either the full rate on the greater of the site value ( 122K) or 25 % of the total price ( less VAT on the Building Agreement). In this case, site value is greater but does not exceed 127K threshold so that is why there is no stamp duty.

mf

thought that was what i said seeing as 1/4 of total price was only 80.5k...and 122 being the greater but still being under 127k threshold therefore no stamp duty payable...its only when you go over the 127k that you become liable for s duty