Stamp Duty Reform Budget 2008

Am closing on Fri or Mon. Does this mean I get new rates of Stamp Duty. When is Stamp duty paid?
 
We have just signed off on a new mortgage but we haven’t drawn down yet - could anyone tell me if we will benefit from the new stamp duty scheme?

thanks in advance
Sean
 
Same question here Sean. With a bit of luck we will save a couple of bob.
 
from http://www.budget.gov.ie/2008/budgetsummary08.html#_Toc184545938

"A simplified system, incorporating an exemption of €125,000 with 2 progressive rates instead of the existing 6 rate bands, is being introduced with immediate effect."

"This change will take effect in respect of instruments which are required to be presented to the Revenue Commissioners for stamping no later than 5 December 2007. Instruments which are executed in the 30 days prior to 5 December 2007 will therefore benefit from this change."
 
Hi guys

This might be a silly question. So now if after two years as a FTB you decided to rent out your house, would you have to pay the difference between normal stamp duty and investors? Or would you just be free to rent your property stamp duty free?

Thanks!
 
IrlJidel said:
from http://www.budget.gov.ie/2008/budgetsummary08.html#_Toc184545938

"A simplified system, incorporating an exemption of €125,000 with 2 progressive rates instead of the existing 6 rate bands, is being introduced with immediate effect."

"This change will take effect in respect of instruments which are required to be presented to the Revenue Commissioners for stamping no later than 5 December 2007. Instruments which are executed in the 30 days prior to 5 December 2007 will therefore benefit from this change."
Click to expand...
Cheers IrlJidel
 
Sorry if this has been asked/answered already but is there any change on SD for site purchases.
 
somahony said:
We have just signed off on a new mortgage but we haven’t drawn down yet - could anyone tell me if we will benefit from the new stamp duty scheme?

thanks in advance
Sean
Click to expand...


The date you close (or maybe 30 days from that date-maybe a solicitor could advise?) is the relevant date as far as I know-it's got nothing to do with the mortgage.

Are you buying a property or remortgaging an existing property?
 
sites are not residential property so the changes do not apply to them.
 
Hi,

i am also interested in the change to the Stamp Duty clawback.
Having purchased a property 3 years ago and in two minds whether to sell it in the current environment. does this change apply to me?
 
The stamp duty reform won't do anything in the long term. If the housing market takes off again, the builders and estate agents are bound to stick the boot in again and the price will go up and up. This will negate any saving in stamp duty. The ultimate acid test is Mr Trichet and the ECB rate. If it goes up .25% in the new year, the property market in this country will be pushed over the cliff once and for all. If it comes down .25%, the housing market will kick off again. However, if there is a kick start in the housing, people will be going in with their eyes open and the panic won't be as bad as before.
 
JohnN said:
Hi,

i am also interested in the change to the Stamp Duty clawback.
Having purchased a property 3 years ago and in two minds whether to sell it in the current environment. does this change apply to me?
Click to expand...

I am assuming you were a FTB when you bought this house and if you were the change applies to you if you now move out of the house and rent it. Before the changes yesterday if you did this within 5 years of purchasing you would be liable to pay back the SD to the revenue. This 5yr limit has been reduced to 2 years so you will not have to pay back any SD to the revenue if you decide to rent out the house.
 
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