Stamp duty? new build exceeds 125sqm

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bob24

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Hi


I am looking at purchasing a new build house for 400K. It is 135 square metres. Does anyone know how I can calculate how much stamp duty I will have to pay. I have looked at the revenue website and it says

'New houses or apartments with a floor area greater than 125 square metres, which are purchased by an owner occupier are charged with duty on either the site value (excluding VAT) or one quarter of the total cost of the house and site (excluding VAT), whichever is the greater figure.'
I don't find this very clear... one quarter of the total cost would be 100K, does that mean I pay 7% on 100k, or that because 100K is below 127K limit I do not have to pay anything?

Thanks
 
First you need to clarify if there is a separate valuation for the site (called a site fine) - most builders issue 2 contracts - one for the site and the other for the cost of the building works.

If the site value is less than 125,000.00 then likely no stamp duty payable.

If there is no separate value, then as 1/4 value is under 125,000.00 - no stamp duty due
 
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