Stamp Duty

reddeagle

Hi Guys,
Getting site from my dad so was into solicitors the other day. She said to get a valuation from auctioneer, when i asked her for how much to save paying stamp duty she said. sure you wont have to pay anything if its valued under 200k.

Just checking to see if this is the case, it seems very high.

Any one any advice on this.

godtabh

reddeagle wrote:

Hi Guys,
Getting site from my dad so was into solicitors the other day. She said to get a valuation from auctioneer, when i asked her for how much to save paying stamp duty she said. sure you wont have to pay anything if its valued under 200k.

Just checking to see if this is the case, it seems very high.

Any one any advice on this.

This site seems to explain all about stamp duty and if I'm reading it right you do have to pay stamp duty.

reddeagle

Thanks for the link. I just checked it out there.

Site transfers from parent to child
Stamp Duty and Capital Gains Tax do not apply where a parent transfers a site to a child. The site must be for the construction of the child's principal private residence and the market value of the site must not greater than 253,947.62 euro. A parent can only transfer one site to each child to take advantage of this exemption. If the child then sells the site without the principal private residence being built and lived in for 3 years, there will be a clawback of the capital gains tax relief permitted. There will be no clawback if the child dies.


Looks like i will be exempt becuase i am getting it from my dad, it will be my primary residence and it will be valued under 253k

reddeagle

Got my solicitor fee as well forhanding all of this. its broken down as the following.

Professional Fee 750

All Fees due in relation to mortgage 800

vat 21% = 1875.50

+

Land Registry fees on Mortgage 131.00
Land Registry fees on Deed 145.00
Map 25
Land Certificate 25
Searches approx 100.00
Cinnussuibers fees 30.00

= 456

So over all total comes to 2331 euro

Just wondering if this seems accurate, not sure my self

godtabh

reddeagle wrote:

Got my solicitor fee as well forhanding all of this. its broken down as the following.

Professional Fee 750

All Fees due in relation to mortgage 800

vat 21% = 1875.50

+

Land Registry fees on Mortgage 131.00
Land Registry fees on Deed 145.00
Map 25
Land Certificate 25
Searches approx 100.00
Cinnussuibers fees 30.00

= 456

So over all total comes to 2331 euro

Just wondering if this seems accurate, not sure my self

I dont have the break down of it handy but mine is about €2000. Shop around.

I'll try and post details later

threebeards

reddeagle wrote:

Got my solicitor fee as well forhanding all of this. its broken down as the following.

Professional Fee 750

All Fees due in relation to mortgage 800

vat 21% = 1875.50

+

Land Registry fees on Mortgage 131.00
Land Registry fees on Deed 145.00
Map 25
Land Certificate 25
Searches approx 100.00
Cinnussuibers fees 30.00

= 456

So over all total comes to 2331 euro

Just wondering if this seems accurate, not sure my self

My reading of this is that the professional fee is €750 PLUS the €800 for fees due in relation to mortgage giving a total professional fee of €1,550 plus VAT plus Outlay.

reddeagle

reddeagle wrote:

If the child then sells the site without the principal private residence being built and lived in for 3 years, there will be a clawback of the capital gains tax relief permitted.

You sure about that?

When did the clawback come in? Pretty sure there was no clawback when this exemption as introduced.