Irish Stamp Duty

M

Mahonj

Guest
Hi, I purchased a property in Oct 2002, this was exempt from stamp duty as i was a first time buyer, however one of the conditions was that you remain in the property for 5 years, which in my case would be Oct 2007. Can you advise what penalty I would face if I did not remain in the property until this date, the property cost EUR 370,000, can you advise if I would face a full penalty or would this be pro rata for the period which I broke the condition ( Feb 07-Oct 07). Thanks
 
Hi

I don't exactly know how the Revenue would find out, but I'd like to consider the implications if they did. Tenants can apply for Rent Allowance so I guess this is one way.
 
You would be better off to leave it vacant as the stamp duty clawback on this will be €18.5k, unless of course you would expect to get more than this in rent in the intervening period.
 
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