Stamp Duty - VRT link up advice needed

F

funkytown

Guest
Hey all - some advice please

Quick background: I bought a house with first time buyer stamp duty exemption about 2 years ago (2005). Just a month ago a great opportunity came up for some work & study in the UK, which I have taken. So I have rented out my apt & now living in London (tennents are not claiming rent relief).

I probably plan to come back to Ireland in a year & am thinking it is a good idea to buy a car & import it. Seeing as I'm living & working in England I figure I'll be exempt VRT on it if I import it next summer.

Question: Might I shoot myself in the foot by alerting the revenue I've been living abroad (and not living in my home) when I apply for the VRT exemption so they'll bill me for stamp duty on my apartment? Would the 2 link up and start a buzzer in some inspecters office or not? Or do I actually not need to worry about stamp duty since its been recently abolished?

Your advice appreciated my learned friends
H.
 
VRT aside, how will you get around the Revenue being alerted by the fact that you must declare your rental income?
 
Re stamp duty: I was under the impression it was abolished by Brian Cowan. I'm sure there's miles of threads on the subject here so I don't want to bring that up again. If it actualy hasn't been abolished then I need to read the paapers in more detail I guess

Re rental income: I just wont declare my rental income. I've had a change of circumstance & I'm not going to highlight it to the revenue.
 
funkytown said:
Re rental income: I just wont declare my rental income. I've had a change of circumstance & I'm not going to highlight it to the revenue.
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Well of course you know this is illegal - tax evaders place an undue burden on compliant taxpayers so it's unlikely anyone here will offer you any help.
 
funkytown said:
Re stamp duty: I was under the impression it was abolished by Brian Cowan. I'm sure there's miles of threads on the subject here so I don't want to bring that up again. If it actualy hasn't been abolished then I need to read the paapers in more detail I guess
Click to expand...
Stamp duty was abolished for first time buyers. You are now an investor and owe the stamp duty that an nvestor would have paid at the time of your original purchase. This was due from the day you rented tha place. Interest is charged on a daily basis.

funkytown said:
Re rental income: I just wont declare my rental income. I've had a change of circumstance & I'm not going to highlight it to the revenue.
Click to expand...
Fair play. You da man.
 
Doesn't look like a troll to me - just an ordinary honest decent tax evader.
 
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