I need all your advice as i planned to invest on property. I have to move as my job was transferred.I own a property and living in it nearly 3 years(bought in apr 2005). I want to rent the existing property and buy a house newly build and move as a owner occupier. Is there any claw back on stamp duty for the existing one which i am going to rent. Do i need to pay stamp duty.Even though i read some threads, revenue , didn't get a clear idea. Appreciate for your postings.
Please read below from revenue , i wouldn't understand the last 5 lines, what is exactly mean about this
Owner-Occupier Reliefs
The above changes do not impact on the existing exemptions for first-time owner-occupying purchasers of new or second-hand residential property or other owner-occupying purchasers of a new dwelling house or apartment with a floor area under 125 square metres. The new rate structure will apply to the reduced chargeable consideration in the case of owner-occupying purchasers of a new dwelling house or apartment with a floor area over 125 square metres.
However, the claw-back period, in relation to the condition prohibiting the letting of the entire property, is being reduced for all three reliefs from 5 to 2 years for instruments executed on or after 5 December 2007. Accordingly, references to the "period specified" in provisions of the Stamp Duties Consolidation Act 1999 in the certificates in those instruments will be taken to be references to a period of 2 years rather than 5 years.
For instruments executed before 5 December 2007, to the extent that a dwelling house or apartment is rented out on or after 5 December 2007, it will not involve a clawback of the relief where this occurs in the third, fourth or fifth year of ownership.
Please read below from revenue , i wouldn't understand the last 5 lines, what is exactly mean about this
Owner-Occupier Reliefs
The above changes do not impact on the existing exemptions for first-time owner-occupying purchasers of new or second-hand residential property or other owner-occupying purchasers of a new dwelling house or apartment with a floor area under 125 square metres. The new rate structure will apply to the reduced chargeable consideration in the case of owner-occupying purchasers of a new dwelling house or apartment with a floor area over 125 square metres.
However, the claw-back period, in relation to the condition prohibiting the letting of the entire property, is being reduced for all three reliefs from 5 to 2 years for instruments executed on or after 5 December 2007. Accordingly, references to the "period specified" in provisions of the Stamp Duties Consolidation Act 1999 in the certificates in those instruments will be taken to be references to a period of 2 years rather than 5 years.
For instruments executed before 5 December 2007, to the extent that a dwelling house or apartment is rented out on or after 5 December 2007, it will not involve a clawback of the relief where this occurs in the third, fourth or fifth year of ownership.