Stamp Duty - Prime Time last night (30/11/06)

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Dano1997

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I was watching prime time last night and I got an uneasy feeling in my boots in relation to the discussion about the stamp duty. I think the basic drift was that the revenue are going after people for stamp duty (+ penanltys) who were FTB's and rented out there house before the 5 years was up. They are auditing about 1000 people first and depending on how that goes they may dig deeper. They talked about figures of about 30K to be payed back!!

My wife bought a house in Lucan (before we got married) in 2001 as a FTB for 140K. We went of travelling in 2002 and rented the place and we haven't lived in it since we came back but she (we) still own it. We got married and now live down in cork but its being rented . Can anybody clear up what they think the situation might be for me and my wife?
Thanks!
Dano
 
This is discussed ad infinitum on AAM. A quick search will show that your wife does indeed have a rather significent tax liability, especially since interest will have been accumululating since 2002.
 
Dano1997 said:
My wife bought a house in Lucan (before we got married) in 2001 as a FTB for 140K. We went of travelling in 2002 and rented the place and we haven't lived in it since we came back but she (we) still own it. We got married and now live down in cork but its being rented . Can anybody clear up what they think the situation might be for me and my wife?
Thanks!
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If she availed of the FTB status to get the property with no SD then she was due to pay a clawback on this (the clawback would be the SD she should have paid at invester rates at the time of the purchase on the cost of the purchase) on the date she rented it out (due to it not being held as a PPR for five years).

If unpaid, she would also now be due to pay any interest and penalties on the amount (a frequent question on AAM, search for it and many threads with detailed information will pop up).

Additional costs may be due if she contined to recieve TRS (mortgage interest relief) on the mortgage and non declaration of any/all rental income.
 
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