I was wondering could someone advice me on the whole stamp duty thing, the question is - if one of my family members were giving me a house for say 100k would i have to pay stamp duty on this
Is €100K the fair market value or a discounted value?
What is the fair market value if not €100K?
Would you be using this as a PPR (Principal Private Residence) or as an investmemt/rental property?
There could also be other tax implications depending on the situation (e.g. Gift Tax if the acquisition price is discounted below the fair market value, CGT for the seller/donor etc.).
clubman- this is a complicated situation- its a case of my partners parents are giving him their house in exchange he will give the price of a new site for a smaller house
clubman- this is a complicated situation- its a case of my partners parents are giving him their house in exchange he will give the price of a new site for a smaller house
No -its not complicated. He will buy their house from them for Xeuro. He will pay stamp duty at half the normal rate on the market value of the house. He may have a Gift Tax liability if he has received substantial gifts in the past. They will use the money they receive from him to buy a site. They will pay stamp duty on the market value of the site.
There would be additional stamp duty and gift tax implications if you were involved in acquiring title to your partner's parents home but it does not sound as if you will be involved. If you are involved in obtaining a mortgage for the purchase of the house, there may be further implications.