Stamp duty on site? Is EA correct?

C

CKT

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Hi,

Might be buying a site for €250k will be building house of c.2400sqf the EA has said the stamp duty will be around €8,750. We are not FTB. Is this correct??
 
CKT said:
Hi,

Might be buying a site for €250k will be building house of c.2400sqf the EA has said the stamp duty will be around €8,750. We are not FTB. Is this correct??
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No its not correct. If you check Revenue website and look for leaflet SD10A it will show you that a site is not residential property and the applicable rate of stamp duty is 9% - which is €22500.00

mf
 
just spoke to EA again and he ensures me it is around the 8k mark, he said the the first 127k doesnt count and after that we pay tax on.

This site is in an excisiting housing estate? does that make a difference?
 
A. EA's are not good on stamp duty. You should talk to your own solicitor to confirm the position.
B. Check the Revenue website
C. Where it is makes no difference, its a site and stamp duty is payable at non residential rates i.e. no exemptions if under 127K

mf
 
A. EA's are not good on stamp duty. You should talk to your own solicitor to confirm the position
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We're not bad at generalisations though as are solicitors by the looks of it.
 
I'll correct my original statement so!

"The EA telling you this **** is not good on stamp duty"

mf
 
Hi,

I bought a site in the last few weeks and paid 9% stamp duty...

regardless of the fact it is on a residential estate.. so €22k sounds about right in your case
 
I'll correct my original statement so!

"The EA telling you this **** is not good on stamp duty"

mf
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Thank you, I was actually afraid you were going to test me on stamp duty as a retort, phew!
 
def no correct im paying 10,640 and im buying a site for 133000 its at 8% go to revenue.ie itll tell you the percentages.
 
On a slightly different note, when is the stamp duty due to be paid? E.g, you will owe 10,640 in stamp duty, when does that have to be paid?
 
Demented said:
On a slightly different note, when is the stamp duty due to be paid? E.g, you will owe 10,640 in stamp duty, when does that have to be paid?
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Revenue require it to be paid within ( approx.) 30 days of completing the transaction. Clients prefer to hold the funds until that time elapses. Solicitors prefer to have the funds available before closing so that they can stamp and register the deed a.s.a.p. If the purchaser is getting a mortgage, the solicitors must be in funds for stamp duty before releasing the loan cheque. In case, the client gets thick. ( or in one case I was involved in preferred to spend the stamp duty money on top notch furniture!)

mf
 
All, spoke to my solicitor yesterday, she confirmed it was 9%.....I then rang the EA to give out to him for giving me the wrong information, my cost now has gone up by about €14k.

Is there any way around this? eg for my builder to buy the site and build and sell the house to me or will the builder have to pay stamp at 9% also.
 
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