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New Stamp Duty - am I liable?

  • 07-12-2010 6:34pm
    #1
    Rdaly1
    Registered Users Posts: 66 ✭✭


    Need advice,

    paid a booking deposit 3 weeks ago for a brand new house (a notice to sale).

    Contracts will be signed by the end of the week with solicitors.

    Now from what I can see in the budget I am going to be liable for 1% stamp duty or will I be excempt.

    Does a notice to sale classify as binding contract?

    Any advice?


Comments

  • #2
    elsy
    Registered Users Posts: 261 ✭✭elsy


    From my understanding as long as your sale is completed by July 2011 the new stamp duty should not affect you


  • #3
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    A binding contract has to be entered into by tomorrow in order to avoid stamp duty.


  • #4
    event
    Registered Users, Registered Users 2 Posts: 16,070 ✭✭✭✭event


    does this stamp duty work both ways?

    in a house sale of €250k, does the buyer and the seller now have to pay €2500 each in tax on this?


  • #5
    Quandary
    Registered Users Posts: 5,346 ✭✭✭Quandary


    Rdaly1 wrote: »
    Need advice,

    paid a booking deposit 3 weeks ago for a brand new house (a notice to sale).

    Contracts will be signed by the end of the week with solicitors.

    Now from what I can see in the budget I am going to be liable for 1% stamp duty or will I be excempt.

    Does a notice to sale classify as binding contract?

    Any advice?

    According to RTE - the tax is applied to the transfer of any property from tomorrow onwards.

    Link - http://www.rte.ie/news/2010/1207/budgethouses-business.html

    So unfortunately yes, i think you will have to pay this unless the property has already been transfered to your name...

    EDIT - acutally because you have already initiated the purchasing of the property you might be exempt! I would contact your Auctioneer tomorrow to make sure - best of luck...


  • #6
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,031 ✭✭✭3DataModem


    there are two requirements that must BOTH be met:
    - contract executed by tomorrow
    - closure by jul 2011

    So if you've only paid a booking deposit that DOES NOT count as a contract. You need to actually sign the binding contract by the end of Dec 8.


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  • #7
    Rdaly1
    Registered Users Posts: 66 ✭✭Rdaly1


    it's an absolute joke.

    I paid a booking deposit and sign forms with BOI on decemeber 6th to agree to the morgtage - before the budget - but dont yet own the house yet.

    Fianna Fail will never get a vote from me


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