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 -- for over 65's

Options
  • 10-08-2006 3:02pm
    #1
    jonski
    Registered Users Posts: 6,393 ✭✭✭


    Do over 65's have to pay stamp duty ?


    John


Comments

  • Options
    #2
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    jonski wrote:
    Do over 65's have to pay stamp duty ?


    John
    lol, everyone pays stamp including companies, why should over 65s be any different, the elderly are the ones with all the money anyway.


  • Options
    #3
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    lomb wrote:
    lol, everyone pays stamp including companies, why should over 65s be any different, the elderly are the ones with all the money anyway.

    Er not exactly.
    My mam lives in an area that would be considered near bottom of the ladder in housing terms yet she cannot downgrade from a 3 bed to even a 1 bed apt as she would be liable for 15k stamp duty which she simply does not have.
    The difference in price from present 3 bed hse to a 1 bed apt does not remotely cover it nor could her or other elderly folk afford the management fees if it were a new build place.
    Her's and alot of elderly in the area are mostly stayin put with the odd ones moving down to the backend of Ballivor's hence alot of 3bed housing with mostly single elderly people living in them which could goto youngish families that needs them.
    Stamp duty yes for the upper end of the market as they would make a killing downgrading but not for the lower end imho.


  • Options
    #4
    jonski
    Registered Users Posts: 6,393 ✭✭✭jonski


    lomb wrote:
    lol, everyone pays stamp including companies, why should over 65s be any different, the elderly are the ones with all the money anyway.


    Thanks for the answer , but why would you be of the impression that the elderly would be the ones with all the money ?

    My folks are from a working class backround and never had money , now they need to sell their house to move to somewhere more suitable to their needs .


  • Options
    #5
    antoinolachtnai
    Registered Users Posts: 9,787 ✭✭✭antoinolachtnai


    well, they don't have money but in general the elderly have some small degree of wealth, usually in the form of their home.

    Surely they have a capital gain when they sell the property? Will that give them the price of their new place plus 15k? What are they trying to buy?

    You are right of course, the stamp duty does discourage people from trading down. But while the property market is still 'hot', it is unlikely that the government is going to risk reducing stamp duty. Maybe it should though.


  • Options
    #6
    jonski
    Registered Users Posts: 6,393 ✭✭✭jonski


    Probelm with my folks is they are trying to 'trade accross' , not down or up , because of a new road they have been left in a cul de sac on their own in a not to safe area , in a very old house . So the money they will get for it is just about enough to trade accross but the extra stamp duty is kinda knocking it on the head .


  • Advertisement
Advertisement