Can someone advise me on the stamp duty level involved when a married couple buy a house from the parents of one of the couple? Does the reduction to 50% of the normal rate apply only if a single child buys the house from their parents? What happens in the case of a married couple buying where there is no blood relationship between the in-laws.
Many Thanks!
I purchased from my Mother & Father at a reduced stamp duty rate several years ago and then had my wifes name put on the deeds some years later for €250.
Thanks for that. Were you advised by a solicitor that it is ok to do that? I am presuming that it is possible. Does it matter if the mortgage is in both names or not do you think?
IMHO if you are buying the house for full value from your parents (ie no element of a gift) then you could buy it in your sole name to avail of the 50% stamp duty relief. You could then transfer the property into you and your spouses names with any tax implications.
If there is any gift element in the transfer from the parents, you would need to wait 3 years before transferring into joint names.
Thanks for the info. I'm just trying to get some opinions from people on AAM on behalf of a friend who has been given conflicting advice on what the situation is with stamp duty in this particular type of purchase. I'm sure Revenue will give me the answer - I was trying to avoid trawling through their web-site out of laziness though!