What Stamp Duty will I have to pay?

[Aoileen]

I am planning to sell my house and buy a new build house.

The cost of the new house we were looking at is €410,000 and it is over 125sqm.

I will be an owner occupier, not a first time buyer.

I originally thought that I would have to pay 7.5% of €410,000 but then went reserching on the internet and realised that this may not be the case.

I read something about the greater of site cost or 25% of the total cost..........minus VAT on building costs but not minus VAT on site costs........and I am now totally confused!

 

[ClubMan]

See CitizensInformation:

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

If this calculation yields a figure of €127K or less then you are exempt. You need to find out what the site and building costs less VAT are to determine the chargeable consideration and thus you SD liability if any.

 

[Aoileen]

Hi Clubman

Thanks for your help and advice.

We went to view the house yesterday and it turns out that we won't have to pay any stamp duty as the site value is exempt.

Thanks again )