What do you mean? The clawback is all or nothing and not pro-rata depending on how far into the 5 (now 2) year period you rent the property out.From the information you provided it would seem that there is a 40% clawback.
You are legally obliged to self declare such tax liabilities. Few people here would recommend or condone tax evasion. Certainly not a prudent course of action.Depending on the likelihood of getting caught you might decide to take the risk and not declare this to Revenue.
As above.Have you registered for income tax yet? What you could do if not declare the clawback to Revenue, in the event of a tax audit make a 10% disclosing payment and this will reduce of fines greatly.
Why you moved is irrelevant. You are an investor now so are subject to the relevant tax implications.Thanks for yer replies and wouldnt like to evade tax either. But Its not like i moved for monetry gain.
I find it difficult to believe that (m)any solicitors would be unaware of the SD clawback...Also I told an accountant i discovered this clawback thanks to this website , they hadnt heard of it until they checked it out
... or that they would say this.and said their are thousands in simular positions and not to worry about it too much.
No it doesn't. It applies as soon as you rent out a former PPR within the SD clawback timeframe (which is most likely 5 years in this case and is now 2 years as of Budget 2008).The stamp duty clawback only applies (assuming it was rented for a period) if you sell within the time-frame set out under the clawback scheme.
Totally incorrect advice!if you continue renting it out for the next 2 years and sell it then you will not be liable for stamp duty clawback as the 5-year clawback term will have passed.
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