Stamp Duty Owner Occupier

[DMAX]

Hi

I bought a place in Midleton, East Cork as an owner occupier 2 years ago, but my job has now changed and I want to rent it out for the duration that I am out of Cork. Don't want to sell in case new job doesn't work out and I will be renting in West Cork so I am NOT becoming a property tycoon! As I didn't pay Stamp Duty on my purchase I have been informed that I will have to pay it now as I have owned it for less than five years - i.e. I will be charged as if I am an Investor. Can anyone tell me if this is true? Also, does anyone want to rent in Midleton?????

 

[ClubMan]

I have been informed that I will have to pay it now as I have owned it for less than five years - i.e. I will be charged as if I am an Investor. Can anyone tell me if this is true?

Yes - it is true. Because you are an investor once you rent it out. See for details about the SD clawback that applies in this situation.

 

[DMAX]

And what rate will the stamp duty be charged at? As I lived in the apartment for 2 years will it be charged at the full Investor's rate? It was a new property.

 

[ClubMan]

The SD clawback is an all or nothing rather than a pro-rata charge. You will be liable for the amount/rate of stamp duty that an investor would have paid on the purchase price at the time. You'll need to check what these were for your purchase price in 2002 but the current rates on OASIS may be the same.