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Explain the 4% tax for property over 317,500

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  • 06-06-2006 9:26am
    #1
    jamescrombie
    Closed Accounts Posts: 189 ✭✭


    Does that mean if a property (first time buyer) is over 317,500 say 318,000 i must pay 12720 tax or is 4% of the amount over ie 500 which is 20 quid

    sorry for the stupid question


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    #2
    gerire
    Registered Users Posts: 2,586 ✭✭✭gerire


    Its the 12k option unless its a new house and you are a first time buyer at which its €0


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    #3
    jamescrombie
    Closed Accounts Posts: 189 ✭✭jamescrombie


    that bloody goverment are a pile of cowboys..... wreck ur head


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    #4
    DublinWriter
    Registered Users Posts: 9,557 ✭✭✭DublinWriter


    It's unfair, but if the government abolished it, just watch house prices go up 4% to 'compensate'.


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    #5
    kluivert
    Registered Users Posts: 2,399 ✭✭✭kluivert


    Stamp Duty

    Its everywhere even on your cheques.

    There is certain exemptions for Farmers


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    #6
    Ballyman
    Banned (with Prison Access) Posts: 1,822 ✭✭✭Ballyman


    It's actually 3% over €317,500 and 6% over €381K for first time buyers on a second hand house.

    A new house doesn' attract any stamp duty for a fitst time buyer providing it's below 125m2 in size.


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    #7
    Lex Luthor
    Registered Users Posts: 11,220 ✭✭✭✭Lex Luthor


    I think they should only charge the difference between the stamp duty that you have to pay against the stamp duty taken on your house if you are trading up

    eg.
    You are selling for 400k, you are buying for 500k...you pay SD on 100k


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    #8
    garred
    Closed Accounts Posts: 1,036 ✭✭✭garred


    Lex Luthor wrote:
    I think they should only charge the difference between the stamp duty that you have to pay against the stamp duty taken on your house if you are trading up

    eg.
    You are selling for 400k, you are buying for 500k...you pay SD on 100k
    Now that makes sense. You sir would get my vote if you run in the elections!


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    #9
    Ballyman
    Banned (with Prison Access) Posts: 1,822 ✭✭✭Ballyman


    Or have it index linked to the average house prices in the area concerned.

    I mean €317500 in Kerry would buy a castle and has little or no effect on the housing market for FTB's whereas you cannot buy a house for less than that in Dublin and therefore FTB's have no choice but to pay SD on a second hand home.

    So if the SD was 15% more than the average house prices in an area then it would be 3% when you exceed around €195K in Kerry (average price of €175K) and €437K in Dublin (average price of €380K)

    This would be so much fairer on all FTB's. That or get rid of the shagging thing for FTB's completely.


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    #10
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    I disagree with abolishing stamp duty for First Time Buyers and leaving it there for everyone else- we know from experience that this simply pushes the asking price for everyone up (there is anecdotal evidence that second hand homes in the "affordable bracket" rose by 4k overnight after the budget in 2004).

    As an indirect taxation (which the Irish government is particularly good at) its an incredible source of revenue- last year it came to over 2 billion (I can't find the exact figure handy).

    It would be far fairer if stamp duty were simply abolished (along with most other indirect taxations with the exception of refuse charges/ water charges) and our entire taxation system rewritten.

    Its not going to happen though is it :(


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