stamp duty

M

ma&ma

Guest
As a first time buyer I bought an apartment in 2004 and it was below level of size to incur stamp duty. I have since married and my husband(no previous properties) and I now wish to trade up to a house.
The house we are looking at is 132sq m and a new build valued at 285,000. How much stamp duty would we have to pay?
 
www.citizensinformation.ie/categories/housing/owning-a-home/buying-a-home/stamp_duty

Changes to rates of stamp duty
There is a new simplified system of
stamp duty which apply to residential
property purchases on or after
5 December 2007. It also applies
to instruments executed in the 30 days
prior to that date. The first €125,000 is
exempt from stamp duty. Properties
over €125,000 but under €1
million are charged stamp duty of 7%
on the excess over €125,000. Properties
over €1 million will be charged stamp
duty of 9% on the excess over €1 million
and 7% on the remainder between
€ 125,000 and €1 million. Properties with
a value of more than €125,000 but not
exceeding €127,000 will not be liable for
stamp duty.
Click to expand...
 
From salvidor's link:

"The value of the property (home or apartment, land or housing site) and your status (whether you are a first-time buyer, investor, etc.) will determine the amount of stamp duty that is payable."
 
Thanks for that, and I have seen that calculation of 7pc when I looked it up. However on mortgages.ie I have also found the following information and when I use their calculator in relation to trading up the figure for stamp duty is significantly lower

If the area of the house or flat is greater than 125 sq. metres (1,346 sq.feet), some stamp duty is payable. The stamp duty is assessed on either the cost of the site or 25% of the costof the site plus the building costs (less VAT), whichever is the greater figure. This figure is called as the Notional Reduced Consideration.

Does anyone know which is the correct way to calculate? Thanks
 
hi ma&ma by the sounds of what u posted it looks like that only applies to people who are builfing there own home not some one who is buying a new development
 
My wife and I moved in 2008 (we sold our 1st house) and we thought we would have to pay stamp duty but seeing as it was a new build we didnt have to,house is around 2,000sq ft,ask the auctioneer about it,sometimes you dont pay it.
 
I received a leaflet in the door from my local TD on benefits / Tax and it stated that for non first time buyers - purchases of New homes up to 125 sqft required no stamp duty and purchases of new home larger than that paid at most 25% of the full rate?!

This is the first I've heard of this. Is it correct?
 
An Owner Occupier of a new house does not pay stamp duty if the property is under 125sq m.

If the Property is over this size then you might be liable to stamp duty. It depends on whether you fall into the stamp duty threshold which starts at €125,000. This is where the quarter rules comes in i.e "The stamp duty is charged on the site value or one quarter of the total value of the property (less VAT) whichever is the greater. " comes in. The site price is the price in the contract (your purchase price is split between the contract and the building agreement). If the higher of this amount or a quarter of the total purchase price less VAT, is above €125,ooo then you will be liable to stamp duty. It would be fairly common that you would fall below this threshold and no stamp duty is payable.

Your Solicitor will be able to explain this to you and make the calculation.
 
You must log in or register to reply here.
Back
Top