Stamp Duty - when does this need to be paid?

[Solutions]

When you purchase a new property, when does the Stamp Duty become due?

 

[ClubMan]

c. 30 days after closing. Your solicitor will usually require you to pay it to him/her at closing and will remit it to Revenue within the 30 days.

 

[bacchus]

c. 30 days after closing. Your solicitor will usually require you to pay it to him/her at closing and will remit it to Revenue within the 30 days.

Does the solicitor not make few extra bobs out of this by investing client's money for 30 days?

 

[ClubMan]

Perhaps. What relevance is that to the original query?

 

[mf1]

Does the solicitor not make few extra bobs out of this by investing client's money for 30 days?

Most unlikely. I appreciate that there is the possibility that all solicitors sit down and work out precisely when a transaction will close, obtain stamp duty from the client ( we must be in funds at closing before spending your lenders money - we have an undertaking to stamp and register the transaction) arrange to put that money on fixed term deposit for 30 days and then arrange to draw it down on the precise date it matures - making sure not to be late as penalties would accrue which would then have to be paid by the solicitor. In reality, the stamp duty is paid to the solicitor by the client by Bank Draft payable to Revenue and mostly for convenience the transactions tend to be stamped straight away.

In most practices, it would not make any practical sense to do as suggested.

mf

 

[tosullivan]

remember if it is a new house, the stamp duty is only payable on the PRE-VAT price of the house & plot. I only twigged this a year after I paid the stamp duty on a house I bought a year earlier and contacted the solicitor and got a refund of the over-payment