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confused on property tax

  • 07-12-2010 8:27pm
    #1
    hochnie
    Registered Users, Registered Users 2 Posts: 28 ✭


    Hi everybody
    This is my first post and on a subject I have only recently had a reason to be interested in so any advice is appreciated.
    I have an opportunity to buy a site with a derelict cottage on it just down the road from the family home, the price is such that there should be little or no borrowing involved in the purchase.
    I understand that there has been no change to the stamp duty on land/sites in the budget today but as the site already has a derelict cottage on it would that place it in the residential category and now subject to the 1% rate?

    My second query ties in with the first. I intend to renovate the place myself and hopefully move into the cottage in two to three years time(this depends on the project,my job and cashflow).Would I have to pay the forthcoming propety tax whilst I am undertaking this project even though I am not in residence? and excuse my ignorance but when exactly does a site become a residential property.The cottage has no services connected.

    Any advice Is welcome, and why was there no outline of the new property tax today? looks like they are leaving FG/labour take the flak for that one.
    regards
    H


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,577 ✭✭✭✭Victor


    hochnie wrote: »
    and excuse my ignorance but when exactly does a site become a residential property.
    Typically, in a normal construction situation when major works are finished and the permanent electrical supplies are turned on. That may not be exact in all cases. The finance bill will likely have a definition.

    To date, properties that have never been occupied are not subject to the NPPR tax.


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