Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Stamp Duty

Options
  • 27-12-2005 6:58pm
    #1
    ciarann
    Closed Accounts Posts: 60 ✭✭


    Hi,
    Can anybody tell me this about stamp Duty as i am worried i might be hit with stamp Duty.I half own my house with a mate and He has moved down the County some where and the value of the house when we bought 2 years ago was €181,000.I am moving and have purchased my own home which I will live for €195.000.I am just a bit worried that the tax man get me but I feel i dont have to pay stamp duty because i am not an investor plus i will be livin in the house so I think i should be ok.Can anyone out there tell me if I am safe from payment which I feel I dont owe.The second house is a brand new 2 bedroomed house in Mortello tower in Balbriggan:confused:


Comments

  • Options
    #2
    Zebra3
    Registered Users Posts: 13,875 ✭✭✭✭Zebra3


    I think you only pay stamp duty if it's the only property you'll own and it's not over €317k.

    Simply another way of shafting Dublin people out of money. :mad:


  • Options
    #3
    Doctor Benway
    Registered Users Posts: 144 ✭✭Doctor Benway


    ciarann wrote:
    Hi,
    Can anybody tell me this about stamp Duty as i am worried i might be hit with stamp Duty.I half own my house with a mate and He has moved down the County some where and the value of the house when we bought 2 years ago was €181,000.I am moving and have purchased my own home which I will live for €195.000.I am just a bit worried that the tax man get me but I feel i dont have to pay stamp duty becuse i am not an investor plus i will be livin in the house so I think i should be ok.Can anyone out there tell me if I am safe from payment which I feel I dont owe.The second gaff is a brand new house in Mortello tower in Balbriggan:confused:

    This is probably the wrong forum, but anyway ...

    The rates of stamp duty applicable are here. As far as I can see, you'll only have to pay stamp duty if the property is larger than 125 square metres (as it's new). If it does exceed the threshhold, you'll have to pay 4% (as you're not a first time buyer), which comes to €7,800.

    On a side note, didn't any of this come up with the solicitor who was handling the purchase for you?


  • Options
    #4
    ciarann
    Closed Accounts Posts: 60 ✭✭ciarann


    I never brought it up with my silicitor,I was told I would be ok with my broker who is a bit missleading at times.the house is only a 2 bed so I presume it is under 125m square.I mean it has to be


  • Options
    #5
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    I understand in this type of situation you only have to pay stamp duty on the half you don't own.

    Take a look here: http://www.boards.ie/vbulletin/showthread.php?t=173124

    Oh, get advice form you own separate solicitor.


  • Options
    #6
    Blackjack
    Registered Users Posts: 3,612 ✭✭✭Blackjack


    Zebra3 wrote:
    Simply another way of shafting Dublin people out of money. :mad:

    How so?


  • Advertisement
  • Options
    #7
    murphaph
    Registered Users Posts: 19,020 ✭✭✭✭murphaph


    Try the guys on askaboutmoney. They'll sort you out.


  • Options
    #8
    homeOwner
    Closed Accounts Posts: 779 ✭✭✭homeOwner


    ciarann wrote:
    Hi,
    Can anybody tell me this about stamp Duty as i am worried i might be hit with stamp Duty.I half own my house with a mate and He has moved down the County some where and the value of the house when we bought 2 years ago was €181,000.I am moving and have purchased my own home which I will live for €195.000.

    This probably should be posted over in property....

    Its not clear from your post if you have sold the original house or you intend keeping both of them, and if so which is your primary residence.

    AFAIK, if you are buying a second house, ie you are keeping the first house you will pay stamp duty on the second house if it is over the threshold. If you were exempt from stamp duty on the first house as a FTB and it is not going to be your principle residence, then you will be subject to a clawback of stamp duty as you must live in it for 5 years or sell it to avoid paying the stamp duty.

    If you are selling the first house and you were exempt from stamp duty as a FTB originally, you will not have to pay stamp duty on it i.e. no clawback if it was over the threshold. You will pay stamp duty as per usual on the second house.

    Hope thats clear :)


Advertisement