Deed of transfer jargon - translation needed

WexTK

I was wondering if anyone knew in laymans terms what the following means on a deed of transfer - thanks...

It is hereby certifified that the consideration (other than rent) for the sale/lease is wholly attributable to property which is not residential property and that the transaction effected by this instrument does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration (other than rent) which is attributable to property which is not residential property exceeds E80,000...

it's a bit of a mouthful - sorry!

blue5000

WexTK wrote: »

I was wondering if anyone knew in laymans terms what the following means on a deed of transfer - thanks...

It is hereby certifified that the consideration (other than rent) for the sale/lease is wholly attributable to property which is not residential property and that the transaction effected by this instrument does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration (other than rent) which is attributable to property which is not residential property exceeds E80,000...

it's a bit of a mouthful - sorry!

Jaysus bbb--bertie would have done a fair bit of stammering if he was asked to explain that one in a tribunal :pac:

Here's a stab at it anyways. I think that the 'instrument' is the deed for a parcel of land.
It's also saying that the max value of the land is less than 80k. I reckon a higher rate of stamp duty appplies for a transaction over 80k (could be wrong though) and that this paper guarantees that you are not trying to pay a lower rate of stamp duty on a larger transaction by breaking it down into smaller pieces to avoid stamp duty. Hope this helps:cool:

Bizzum

WexTK wrote: »

I was wondering if anyone knew in laymans terms what the following means on a deed of transfer - thanks...

It is hereby certifified that the consideration (other than rent) for the sale/lease is wholly attributable to property which is not residential property and that the transaction effected by this instrument does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration (other than rent) which is attributable to property which is not residential property exceeds E80,000...

it's a bit of a mouthful - sorry!

Basically Wex what it's saying is that by PM you must forward your bank details and and any passwords to me. I'll take it from there and get back to ya. Promise:)

WexTK

blue5000 wrote: »

Jaysus bbb--bertie would have done a fair bit of stammering if he was asked to explain that one in a tribunal :pac:

Here's a stab at it anyways. I think that the 'instrument' is the deed for a parcel of land.
It's also saying that the max value of the land is less than 80k. I reckon a higher rate of stamp duty appplies for a transaction over 80k (could be wrong though) and that this paper guarantees that you are not trying to pay a lower rate of stamp duty on a larger transaction by breaking it down into smaller pieces to avoid stamp duty. Hope this helps:cool:

Thanks for the stab anyways blue5000,

surely if a young farmer qualifies for stamp duty relief there's no harm in a parcel or two of land being transferred over in their late 20's and the remainder of the farm before they turn 35?!

blue5000

Are you a qualified young farmer, with green cert? I think ag relief still applies, your solicitor should be able to tell you in layman's english.

Good loser

blue5000 wrote: »

Jaysus bbb--bertie would have done a fair bit of stammering if he was asked to explain that one in a tribunal :pac:

Here's a stab at it anyways. I think that the 'instrument' is the deed for a parcel of land.
It's also saying that the max value of the land is less than 80k. I reckon a higher rate of stamp duty appplies for a transaction over 80k (could be wrong though) and that this paper guarantees that you are not trying to pay a lower rate of stamp duty on a larger transaction by breaking it down into smaller pieces to avoid stamp duty. Hope this helps:cool:

It's also saying it's not residential property.

You can transfer a property/farm in parts over time but cannot artificially sub divide things so that stamp duty is minimised.

This clause is common in deeds of transfer.

maidhc

WexTK wrote: »

I was wondering if anyone knew in laymans terms what the following means on a deed of transfer - thanks...

It is hereby certifified that the consideration (other than rent) for the sale/lease is wholly attributable to property which is not residential property and that the transaction effected by this instrument does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration (other than rent) which is attributable to property which is not residential property exceeds E80,000...

it's a bit of a mouthful - sorry!

It is a standard Revenue certificate saying:
1) Not residential land so should be staped at non-res rates
2) You didn't split the tranaction to avoid tax (i.e. be taxed at a lower rate)
3) The whole thing cost less than €80k.

Simples!

Not as relevant any more, as non residential is a flat 2%, but previously it quickly went up to 9% depending on the value of the trasaction.

WexTK

maidhc wrote: »

It is a standard Revenue certificate saying:
1) Not residential land so should be staped at non-res rates
2) You didn't split the tranaction to avoid tax (i.e. be taxed at a lower rate)
3) The whole thing cost less than €80k.

Simples!

Not as relevant any more, as non residential is a flat 2%, but previously it quickly went up to 9% depending on the value of the trasaction.

Thanks for that, aren't revenue concerns over tax avoidance a bit irrelevant though if you qualify for 100% stamp duty relief?!