If you weren't a FTB you probably* paid full SD on the property (if due) when you bought it. The "investor" rate of SD is the same as the non-FTB rate or "Full rate". If you did pay the full rate on purchase, you've already paid the SD liability for the property.My solicitor tells me NO as I was not a 1st time buyer & clawback is only on FTB but I am not so sure
So if the home was new and under 125sqm (so exempt when you bought) you would have a SD liability as the exemption re <125sqm is no longer available."Investors - New houses or apartments (whether under or over a floor area of 125 sq. m) which are purchased by investors are charged to duty on the entire price paid (exclusive of VAT) for the house or apartment."
According to the Revenue page above (and I'm not saying it's correct), from 2002 onwards there were two rates of SD payable, FTB and "Full Rate", of which the OP would have paid the full rate as a non FTB.You bought 2nd property in (I think) 2004, at which pint there was no Stamp duty for owner occupiers but stamp duty for investors if property over certain value.
No exclusions on floor area for investors. See previous post.If you are saying as i picked up that the second property was new build then you would probably have been exempt from stamp duty anyway if the floor size feel within the exclusions.
No exclusions on floor area for investors. See previous post.
You say you were exempt as it was your PPR and it was a new build. This means you used the <125sqm exemption as it was your PPR. It now fails to be your PPR, you pay the SD (- any SD already paid [which is none]) on the higher (investor) rate at the time you bought. If you had have been an investor when you bought property 2 there would have been no exemption, so YOU DO have a SD clawback to pay.So do u think that I have a stamp duty clawback on Property No 2 should I rent it out after I move to No. 3? How about if I rent it for less than a yr & then sell to keep my CGT exemption? Or does the clawback arise as soon as I rent it out....How do people who can't sell within the 12 mths cope with paying 2 Morgages?
To be fair to the OP, it's tough to weigh up options when you've been given incorrect* advice, which thankfully they spotted, from a solicitor. Now that they know the SD liability (or at least the fact that there is one) they can weigh up the different options fairly.You do not seem to have considered the option of selling it?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?