Stamp Duty: Floor area greater than 125 sq. m

J

jmonkhouse

Guest
Hi,

I'm an Owner Occupier (not a first time buyer) and I have just returned from Boston after 11 years. I have a question regarding stamp duty on a new house I saw advertised in Delgany for €850K, the property has a floor area in excess of 125 sq. m. According to revenue.ie I am liable for the following stamp duty:

Over Floor Area of 125 sq. m
New houses or apartments with a floor area greater than 125 square metres, which are purchased by an owner occupier are charged with duty on either the site value (excluding VAT) or one quarter of the total cost of the house and site (excluding VAT), whichever is the greater figure.


My Calculations:
¼ of €850,000 = €212,500
Stamp duty is chargeable on this amount €212,500 as follows:
First €125,000 – not chargeable to duty
Amount over €125,000 and less than €1m is charged at 7%
Thus, 7% of €87,500 (€212K-€125K) = €6,125


(I'm don't know the site value)

This seems quite reasonable; have I missed something?

Kind regards,

John
 
Yes....you need to take VAT of 13.5% off the €850,000

So Stamp Payable becomes €4116
 
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