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Stamp duty for first time buyers that got help

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  • 24-06-2005 8:07am
    #1
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭


    Has anybody heard much more on the talk about stamp duty claw back? I know I suggested doing something similar to people recently but it sounds like they won't get away with it now.
    Basically it sounds like the revenue are going to check that the names on the mortgages AND the deeds to see if exemption from stamp duty is applicable. They used to check the deeds alone which meant parents could be on the mortgage to get enough money but the child would really be the only one paying the mortgage and the only person on the deeds.
    THere sounds like there will be legal challenges if they do anything. Effectively they seem to be trying to follow the spirit of the law but not the letter which states the deeds are the important thing.
    Are first time buyers worried?


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    #2
    Peace
    Registered Users Posts: 2,758 ✭✭✭Peace


    TBH i think its a little unreasonable. These days house prices are so high that a lot of people need help in getting enough capital on their mortgage to buy something decent.

    But after getting rid of stamp for FTB's (up to 317k) why now start running around and clawing it back just because people got a dig out from their parents?


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    #3
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    Peace wrote:
    But after getting rid of stamp for FTB's (up to 317k) why now start running around and clawing it back just because people got a dig out from their parents?

    Bad planning as usual, they think people are using their children to buy property without stamp duty. It seems some people are buying houses to rent out and using the kids for deeds because they don't think the kids will be able to buy a house in the future. It's a bit like a combination pension and trust fund. It sounds like the thing only rich people can do but with house equity it might not be.

    The first time buyers grants and benifits have commonly been abused. The change of stamp duty on second hand property has just increased the abuse. They could have foressen this.


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