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Stamp Duty 2011

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  • 11-02-2011 12:41am
    #1
    doniepony
    Registered Users Posts: 89 ✭✭


    As a matter of interest a friend of mine told me yesterday that he knows of a case of a fellow who put his foundations in and then paid 1% stamp duty (as it was classified as a residential property once the foundation was in) rather than the 6% he would have had to pay on just the site alone. Now he assured me this case was brought before relavent bodies and got cleared. Has anyone else heard of this scenario occuring as it could save me up to €4500??


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    #2
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    Be careful what you wish for as you may end up paying VAT on site+foundations.

    I'm sure there will be a guide to stamp duty on www.revenue.ie


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    #3
    doniepony
    Registered Users Posts: 89 ✭✭doniepony


    Could anyone tell me how is your site valued for the purpose of stamp Duty. Who values it and at what stage must the stamp duty be paid?


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    #4
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    doniepony wrote: »
    Could anyone tell me how is your site valued for the purpose of stamp Duty.
    Normally it is based on the transaction value. If the transaction value is materially different from the open market value, then the Revenue can insist on the the open market value being used.
    at what stage must the stamp duty be paid?
    Almost immediately at the contract signing stage.


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