New Stamp Duty - am I liable?

Rdaly1

Need advice,

paid a booking deposit 3 weeks ago for a brand new house (a notice to sale).

Contracts will be signed by the end of the week with solicitors.

Now from what I can see in the budget I am going to be liable for 1% stamp duty or will I be excempt.

Does a notice to sale classify as binding contract?

Any advice?

elsy

From my understanding as long as your sale is completed by July 2011 the new stamp duty should not affect you

Jo King

A binding contract has to be entered into by tomorrow in order to avoid stamp duty.

event

does this stamp duty work both ways?

in a house sale of €250k, does the buyer and the seller now have to pay €2500 each in tax on this?

Quandary

Rdaly1 wrote: »

Need advice,

paid a booking deposit 3 weeks ago for a brand new house (a notice to sale).

Contracts will be signed by the end of the week with solicitors.

Now from what I can see in the budget I am going to be liable for 1% stamp duty or will I be excempt.

Does a notice to sale classify as binding contract?

Any advice?

According to RTE - the tax is applied to the transfer of any property from tomorrow onwards.

Link - http://www.rte.ie/news/2010/1207/budgethouses-business.html

So unfortunately yes, i think you will have to pay this unless the property has already been transfered to your name...

EDIT - acutally because you have already initiated the purchasing of the property you might be exempt! I would contact your Auctioneer tomorrow to make sure - best of luck...

3DataModem

there are two requirements that must BOTH be met:
- contract executed by tomorrow
- closure by jul 2011

So if you've only paid a booking deposit that DOES NOT count as a contract. You need to actually sign the binding contract by the end of Dec 8.

Rdaly1

it's an absolute joke.

I paid a booking deposit and sign forms with BOI on decemeber 6th to agree to the morgtage - before the budget - but dont yet own the house yet.

Fianna Fail will never get a vote from me