must we pay stamp duty?

S

simpson

Guest
my partner bought a site off his uncle for 62.500 euro it is valued at 80.000 euro. our solicitor has said we must pay stamp duty of 5,500 euro. just enquiring is this correct?
 
No- its too high. If its worth 80K and there is a supporting valuation and it is to your partner only, he is entitled to Blood relation relief - i.e. pay stamp duty at half the normal rate - half of 5% = 2.5% of 80K = 2K. If the sale was to both of you - it would be 5% and that would be 4K.

Ask Solicitor to explain where the 5.5K comes from. Check out Revenue website - Form SD10A - for more information.



mf
 
I'm thinking it's a transfer into your joint names and the 5.5k includes legal fees and outlay.
 
mf1 said:
No- its too high. If its worth 80K and there is a supporting valuation and it is to your partner only, he is entitled to Blood relation relief - i.e. pay stamp duty at half the normal rate - half of 5% = 2.5% of 80K = 2K. If the sale was to both of you - it would be 5% and that would be 4K.

Ask Solicitor to explain where the 5.5K comes from. Check out Revenue website - Form SD10A - for more information.



mf
Click to expand...
thank you so much your a great help
 
You must log in or register to reply here.
Back
Top