stamp duty on site

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markell50

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Hi all, I am buying a site at the moment, we are in the process of getting planning permission on it. We have never purchased or built a house,but did inherit our own house in 1996 from my mother. I was hoping someone may be able to clarify if we are liable to pay stamp duty on the site. The revenue statement below is confusing, as it states that it is "subject to the reliefs referred to above"

These are the reliefs
Aggregate ConsiderationFirst Time Buyer Rate for instruments executed on or after 31 March 2007
Full Rate Less than €127,000 ExemptExempt€127,001 - €190,500Exempt3%€190,501 - €254,000Exempt4%€254,001 - €317,500Exempt5%€317,501 - €381,000Exempt6%€381,001 - €635,000Exempt7.5%Over €635,000Exempt9%
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1.Where an individual purchases a site in connection with, or as part of, an arrangement to build a house or apartment on that site then stamp duty will be charged, subject to the reliefs referred to above, based on the aggregate amount of the site cost and the building cost at the appropriate residential property rate.

Any help is much appreciated


 
Hi,

You can confirm this with your solicitor but to me it looks as if you qualify as a first time buyer. I don't think your inheritance alters this status.

Accordingly, you should be entirely exempt from any stamp duty, irrespective of the size of the property or value of the site/property.

This was brought in recently by the government with effect from 31 March 2007

Regards,

Deadlyduck
 
Unfortunately where you buy a site without a connected building contract to build a house with a developer there is no exemption from stamp duty and it is assessed at non-residential rates.
 
If the value of the site is over 150k, then the rate is 9%. There is a sliding scale of rates for values less than that. You can see on the revenue.ie website under non-residential land transfers.
 
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