Stamp Duty

[mmonahan]

Hi

I purchased a house as a first time buyer and the date on the title of deeds is June 2007. I now want to buy a house with my partner and as I am not a first time buyer we will not avail of the stamp duty relief. I have been trying to find ways of minimising or avoiding the stamp duty. The bank have agreed to the proposal of putting both our names on the mortgage and just my partners name on the title of deeds. But I have now heard from the revenue that both names on the mortgage have to be first time buyers to avoid stamp duty.

Also as soon as we purchase the new property I want to rent out my first house but am afraid of the clawback rule.

Could you let me know what my possible options are to avoid stamp duty on both houses

Any advice would be greatly appreciated

Regards

Micheal

 

[ClubMan]

I have been trying to find ways of minimising or avoiding the stamp duty.

Buy a new build? Otherwise as joint buyers where you are not jointly FTBs any of the outlined proposals for avoiding SD are not legitimate. Don't depend on the lender for independent, professional tax advice.

Also as soon as we purchase the new property I want to rent out my first house but am afraid of the clawback rule.

If you rent it out before July 2009 then the SD clawback will apply.