Stamp Duty

D

dollydrops

Guest
Hi,

Firstly am I correct in saying that there is no stamp duty for First Time Buyers?

Where do buyers stand in relation to Stamp Duty if one couple is a first time buyer and the other is not.

I would appreciate some advice on this.
 
dollydrops said:
Hi,

Firstly am I correct in saying that there is no stamp duty for First Time Buyers?

Where do buyers stand in relation to Stamp Duty if one couple is a first time buyer and the other is not.

I would appreciate some advice on this.
Click to expand...

Firstly, yes you are correct.

You should read the Revenue guidelines and FAQ's for a full explanation but, simply put, a couple cannot avail of FTB stamp duty relief unless both are FTB's. Revenue are very clear about this.

mf
 
Is it always the case that where one half of the couple is no longer a FTB, stamp duty applies?

I am a co-owner of a house with my brother which we both bought as FTB, principle private residence. My wife and I would like to buy him out of the house (we are recently married). She is no longer a FTB which seems to indicate that we will be liable for stamp duty on the new half of the house we are buying. So – say the house is valued at 400k, we will have to pay stamp duty on 200k less 125k threshold. Is this correct?

Is there any other way to do this? The existing mortgage is about 200k so my brother will be getting circa 100k equity and the new mortgage will be 300k.

It seems a lot of duty on a house I already half own.
 
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