stamp duty clawback

S

sambuca1

Guest
I bought a house 2 years ago for 188000 as a first time buyer and as such was not liable for stamp duty. However I recently bought a 2nd house with my partner and this has now become my PPR. I still live in the 1st house during the week due to work committments so I was wondering if I am liable for stamp duty claw back. I also have a couple of rooms rented out in the 1st house. Any help is appreciated.
Sambuca1
 
The key question is whether or not Revenue will consider your original property or your partner's property as your PPR. Since you say that the latter applies that seems to be that but if there is any confusion contact Revenue or an accountant/tax expert for advice. If your partner's property is your PPR now then your are subject to a clawback of and your own property will be treated as a normal rental property as far as tax etc. goes. If you have been availing of the but the property is no longer your PPR then you can no longer avail of this and must deal with the normal taxation of rental income as per the previous link. Even if it is still your PPR and you are collecting more than €7,620 p.a. in rental income you cannot avail of the rent a room scheme and a stamp duty clawback applies. If the property is rented other than under the rent a room scheme then some portion of the eventual resale value will be assessable for [broken link removed].

Basically you should probably get independent, professional advice on this matter since making a wrong assumption/decision could be costly.
 
Thanks for that clubman , just one other thing. I am not sure if I dreant this but did I read somewhere that you get 1 years grace after you buy a second house and change your PPR to sell the first house
 
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