Stamp Duty

[connorp]

I recently agreed to purchase a house for 320,000. The previous owners decided to leave some contents in the house roughly valued at 3,000. I have asked my solicitor to put in the contract that the sale price for the buildings is €317,000 and the contents is €3,000 in order for me to only have to pay stamp duty at the rate of 5%. He has advised me that this is not possible as the revenue will base the stamp duty on the total contract price i.e. 320,000 no matter how it is divided between contents and buildings. Is this correct? If so is there any other way to reduce the stamp duty payable on the purchase of the house?

 

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Is this correct?

This is correct - the SD rate is determined by the "total consideration" and not just the price of the property itself and is then applied to the price paid for the property alone.

If so is there any other way to reduce the stamp duty payable on the purchase of the house?

Other than negotiate on price, not really.

 

[Csider]

Put 317,000 in the contract.

Pay 3,000 separately for the contents which pass by delivery and do not attract stamp duty.

Obviously need to agree it with the vendors.

Solicitor is being a little lazy on this one.