Stamp Duty and TSB Mortgage calculator

R

ruby

Guest
Hi Folks,

I bought my house last year as a first time buyer and this summer I will be moving into a new build. I thought I would be liable for Stamp duty on the new house, but not according to this calculater from Permanent TSB:

[broken link removed]


According to this calculator, if the house I am moving to is new, there is no stamp liable. If moving to a second hand home I will be liable for stamp. Is this true?

or, is the calculator fecked?

Thanks
ruby
 
It's a new build so presumably if it's under 125sqm or the site value/construction costs ex VAT are under €127K then no SD applies to a non FTB buying it? Your solicitor should be able to tell you for sure.
 
I think the floor area is 151 sq meter.
The plans say - ground floor area 84sqm and first floor area 67.5sqm.
If the correct calculation is just adding these figures together then the floor area is above the 125sqm limit. Am i liable for stamp?

I should probably mention that its a new housing developement and not me building the house, and cost to buy is Euro 190,000
Thanks
 
Oops perhaps copy and paste from the revenue website is not supported - anyhow here's the link instead -

[broken link removed]
 
Thanks for replies.
it seems that I will indeed be liable for stamp, as house is greater than 125sq m.
Therefore,
The tsb mortgage calculator is incorrect as it does not take this into account whatsoever.
Would it do any good pointing this out to them?
 
You may not be liable. As ClubMan pointed out...
ClubMan said:
... if the site value/construction costs ex VAT are under €127K then no SD applies...
Click to expand...
It also works on the basis that 25% of the full sale price cannot be over €127k, so either way you may not liable for stamp duty as both figures are (presumably in the case of the site?) under €127k.

By the way, where did you find a 1,600 sqft house for €190k :)
 
Sorry - my original comment was a bit misleading and should have summarised the following Revenue comments:
Over Floor Area of 125 sq. m

New houses or apartments which are purchased by an owner occupier (including a first time buyer) where the total floor area exceeds 125 square metres are charged with duty, at the appropriate residential property rate as per the table above, on the site value (excluding VAT) or one quarter of the total value of the house including the site (excluding VAT), whichever is the greater, subject to clawback. The size of the floor area must be certified by a qualified architect, engineer or surveyor
Click to expand...
 
Folks,

I think you are missing some important details in your analysis.

For properties above 125 sqm the following applies
Over Floor Area of 125 sq. m

New houses or apartments which are purchased by an owner occupier (including a first time buyer) where the total floor area exceeds 125 square metres are charged with duty, at the appropriate residential property rate as per the table above, on the site value (excluding VAT) or one quarter of the total value of the house including the site (excluding VAT), whichever is the greater, subject to clawback. The size of the floor area must be certified by a qualified architect, engineer or surveyor

Stamp Duty is only applicable for consideration of €127k+, so by applying detail above a new property over €125 sqm must be priced at €508K+ (ex Vat) (508/4 is 127) before stamp duty applies. At least that's how I interpret it, I stand open to correction though.
 
My error,

ButtermilkJa covered my point earlier, would probably help if I had read thread though to end!
 
Fair enough. I was just wondering if there was some other nuance that had not been covered.
 
You must log in or register to reply here.
Back
Top