Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Stamp duty?

Options
  • 12-05-2009 10:42pm
    #1
    liger
    Registered Users Posts: 756 ✭✭✭


    Hi,

    Split with partner. buying her half of house. I'm remotgaging for less than the current mortgage because i have extra money. I'm paying her €24,000. The house would be valued around 265k.

    Big question, Am i liable for stamp duty? The revenue site is like looking for a needle in a haystack and i could find any other threads here.


    Thanks


Comments

  • Options
    #2
    liger
    Registered Users Posts: 756 ✭✭✭liger


    Hi,

    Might be of help to someone else in same situation.:

    Because we were both 1st time buyers when we got the house, i havn't purchased another property in the meantime and the house is going to be my main residence.... No stamp duty applies.


  • Options
    #3
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    liger wrote: »
    Hi,

    Split with partner. buying her half of house. I'm remotgaging for less than the current mortgage because i have extra money. I'm paying her €24,000. The house would be valued around 265k.

    Big question, Am i liable for stamp duty? The revenue site is like looking for a needle in a haystack and i could find any other threads here.


    Thanks

    well if your buying half the hosue and its market value is 265k then the value for half is 132,500 so if your only paying 24,000 I would suspect your libel for Capital gains tax on the 100 odd thousand of equity your gaining.

    not sure if you would also be obliged to pay stamp duty but I suspect you wouldnt


  • Options
    #4
    amtc
    Registered Users Posts: 2,490 ✭✭✭amtc


    If you're not married, then yes. Went through the same and my ex paid stamp duty on whole house after he bought me out


  • Options
    #5
    partyguinness
    Registered Users Posts: 8,207 ✭✭✭partyguinness


    Stamp Duty is not your only concern.

    There is also CAT implications as you are receiving a Gift worth half of the value of the house as a stranger in blood. Fortunately the Revenue will allow you to offset the new mortgage against any liabilty this reducing it down to nil. They will need to see prof of this on the Letter of Offer that the bank want it transfered into your sole name.

    If the 1/2 share from your ex is worth less than €127k then you will not pay Stamp Duty as it is less than the min for Residential Property...up to you to read between the lines here.


Advertisement