stamp duty to be paid.

D

dubinamerica

Guest
Hi I think I posted something similar a while ago but I'm still confused on how this works.. We're purchasing a section 23 property for Euro 145,000.. There's two contracts involved - one for the site @ 40K and the other is the construction cost 105K.

We are purchasing as investors - can some one tell me what the stamp duty payable will be ? My solicitor has indicated that it will be the full amount of 145K @ 3% but I remember reading about VAT being included in the purcase price and that this would not be included in the calculation of stamp duty .. Any info ?? Could someone run through the calc please ? Thanks .
 
Stamp duty is based on the VAT exclusive price on all property transactions

i.e. you cannot pay tax on tax

Make sure your solicitor is going to work on the VAT exclusive price which tey should be able to get from the other parties solicitor

stuart@buyingtolet.ie
 
.

Thanks for the heads up .
My solicitor said I would need to pay 145,000 @ 3% so 4,350 but I had heard something about VAT so wanted to find out more.

Do you happen to know what the price exclusive of VAT would be for this purchase - i.e. is is a standard rate that's applied ? Would the builders solicitor be able to provide that info? Then for the actual rate would that be based on the 'price exclusive of VAT' as well as applied to that ?
Any info would be great. I've emailed revenue but haven't heard anything back.
 
Re: .

if you are receiving two contracts for te purchase of the apartment then it will depend on those

If it was one contact then the total price would include VAT at 13.5%

The builders solicitor will be bale to provide the information

stuart@buyingtolet.ie
 
Re: .

thanks stuart.. I'll follow up again with my solicitor to see if she can find the details around from the builder's solicitor and find out what way this should be calculated.
 
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