Stamp Duty

B

Baz1

Guest
Q.1.For a first time buyer buying in excess of 317,500,is the duty calculated by each tier(ie.is the first 317500 exempt)or on the full value?

Q.2.An investment property valued 600k owned 50/50.If one buys out the other is the Stamp Duty calculated on the rate applying to 600k or 300k on the 300k buy out cost?
 
Baz1 said:
Q.1.For a first time buyer buying in excess of 317,500,is the duty calculated by each tier(ie.is the first 317500 exempt)or on the full value?
Click to expand...
The full value.
 
Does anyone know what the situation is with avoiding stamp duty when moving country. I bought a house a year ago and am now considering moving country. A friend told me that their is a tax break for this if renting out the house for a year or so. Does anyone know how to go about this?
 
I've never heard of such an exemption/break. As far as I know if you rent the property which was originally bought as an owner occupier within five years of purchase then a clawback of SD applies. I don't know of any exemption from this, in particular one that relates to moving abroad. Maybe they're confusing the exemption from CGT on the resale gain on a property that was rented out for up to a year after vacation as one's PPR with the SD issues?
 
Can anyone tell me when Stamp duty has to be paid. Is it on exchange of contracts, completion or other?

I'm considering buying a house for development and want to know when to budget/account for it.
 
With a fully built house its normally on completion, but sometimes in a new build it could be earlier, its the date that ownership of the land passes and sometimes solicitors must insist on title passing before the house is fully built in order to protect the purchaser. So you will really have to ask your solicitor who will know when they get the contracts.
 
As far as I recall it's within something like 30 days of the sale closing. However it may need to be paid on closing to the solicitor who will normally take responsibility for remitting it to Revenue within the required period of time.
 
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