Selling Home - Stamp Duty Clawback

kellyr4

Frequent Poster
I have owned my apartment for almost 2 years (in June) I have just put the property on the market for sale to trade up to a house. I bought it for 250k and after valuation it is on the market for 370k. As I was a first time buyer I did not pay any stamp duty. However, when I sell it, hopefully in the next few months, will I have have to pay that stamp duty? I heard something about if you sell within 3 years of buying as a first time buyer you are liable to pay the stamp duty that you were exempt from when buying.

If so how much approx would I have to pay on a selling price of 370k?
 

ClubMan

Frequent Poster
However, when I sell it, hopefully in the next few months, will I have have to pay that stamp duty? I heard something about if you sell within 3 years of buying as a first time buyer you are liable to pay the stamp duty that you were exempt from when buying.
No - the clawback only applies where you buy as an owner occupier but then rent the property out (other than under the rent a room scheme) within 5 years. It does not apply just because you are selling the property within that time.
 

Howitzer

Frequent Poster
Is this the same apartment that you've been renting to 2 couples?

http://www.askaboutmoney.com/showthread.php?t=51817

Judging by your other posts on the matter you absolutely do owe stamp duty clawback and have owed it for over 2 years. It also sounds like you have never paid any tax on your rental income and have been receiving FTB mortgage interest relief illegally. You will also have to pay CGT of 20% on whatever is left over of the profits after you've cleared up that mess.

http://www.askaboutmoney.com/showthread.php?t=44825
 

ClubMan

Frequent Poster
I was obviously assuming that this was your PPR and had been since purchase. Obviously if the issues that Howitzer mentiones above apply to this property then it changes things drastically.
 

Luternau

Frequent Poster
Plenty of food for discussion on your previous posts. Well done Howitzer on the sherlock work!
I cant really understand your need to get yourself into so much debt at 25, with a child and partner and car-as you pointed out.

You say you own an apt worth 370k and rent out 2 rooms under rent a room for a total of 20k. Obviously this is a 3 bed apt? Be honest you are not living here-its rented 100% to tenants. They have left and you are in dire financial straits -looking for holidays from repayments to AIB.
Sit down and think about where you are going-which by the way is further and further into debt.
You availed of stamp duty relief to buy an investment property-if you are not living there you will be liable for claw back on its sale plus penalties. Also the mortgage interest relief is not applicable if not living there and then there is the registration with the PTRB and income tax on the 20k income.

This forum is not a platform for seeking advice on tax evasion or ways to avoid tax. I have investment property and the likes of you give us all a bad name.
 
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ClubMan

Frequent Poster
It might be helpful if the original poster clarified matters but unfortunately the circumstantial evidence certainly seems to point towards possible tax evasion/fraud and, as mentioned above, people will get no help or sympathy on that front here.
 
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