Stamp Duty -first time buyer

D

dubsfan

Guest
Hi

Hope you can help with this one. Myself and siblings (4 of us in total) each own a quarter share of the family home. We have agreed to sell the 3 shares to the youngest brother so he can live in the house. He is a ftb. The question is will he be hit for stamp duty on the following numbers:

market value of house - €420,000
He pays the 3 remaining siblings €315,000

1. Is he liable on the basis of the house value or what he is paying?
2. is he even regarded as a ftb if he inherited a quarter share?

thanks
 
Inheritance will not affect his FTB status.
Stamp is on market value of the house AFAIK.
 
Stamp duty if applicable will be calculated on the market value of the 3/4's share he is buying. When Revenue see close to threshold values they can be sticky so be sure to have a proper valuation from a reputable valuer done to accompany the Deed which will have to be adjudicated. If is it applicable ( ie because the value of the 3/4 share is more than 317.5) brother pays half the stamp duty anyway as can claim consanguinity relief.

And as Norfbank says - inheritance does not affect his ftb status so long as other criteria are met. i.e. not to be used as an investment property.

mf
 
You must log in or register to reply here.
Back
Top