Complex stamp duty question

[20Legend]

Hi,

I currently own a house with my brother. Its valued at 335k. Me and my girlfriend are going to buy the house. Does anyone know the stamp duty implications on buying the house? Is there a way to minimise stamp duty costs in this situation?

Thanks

 

[mf1]

Its not complex. Take the value of the house. Deduct the outstanding mortgage. That ( in round terms) is what it will cost you and gf to buy out brothers interest plus legals, outlays and potential stamp duty.

If you bought your brothers share, you would only pay stamp duty at half the normal rate. If you were a f.t.b., you may still be considered as such. Check Revenue website and search for first time buyers.

There may not be any stamp duty. Talk to your solicitor.

mf

 

[z106]

There'll be stamp duty alright - and CGT.

 

[Vanilla]

There'll be stamp duty alright - and CGT.

Not necessarily. If the house is the brothers current PPR, then no CGT. Even if it is not CGT is only a tax on a 'profit'- there might be no taxable profit. As for stamp duty, if girlfriend is ftb, she can buy brother's half free of stamp duty, even if OP buys brother's half it's possible no stamp duty.