Stamp duty on property

irishh_bob

hello there

someone close to me is considering buying a two story house on 35 acres of land , the cost of the property is in the region of 450 k , they are 62 yrs old , did i read somewhere that the level of stamp duty is lower for those who are on in years

thanks

bath handle

irishh_bob wrote: »

hello there, did i read somewhere that the level of stamp duty is lower for those who are on in years

thanks

Hello there, surely you know what you read? How would i or anyone else know what you read?

irishh_bob

bath handle wrote: »

Hello there, surely you know what you read? How would i or anyone else know what you read?

no worrys clever clogs , i done some research , rate of duty is 1% , since last december , all exemptions like 1st time buyers were removed

dats_right

irishh_bob wrote: »

hello there

they are 62 yrs old , did i read somewhere that the level of stamp duty is lower for those who are on in years.

No, but if you did it was wrong.

Stamp duty is now 1% on entire purchase price of a residential property. But such a big holding will not entirely be considered residential. The vast majority of the land will constitute non-residential and will be charged at a rate of 6%. This sort of transaction will involve an apportionment between the residential and non-residential portions to ascertain total stamp duty payable.

irishh_bob

dats_right wrote: »

No, but if you did it was wrong.

Stamp duty is now 1% on entire purchase price of a residential property. But such a big holding will not entirely be considered residential. The vast majority of the land will constitute non-residential and will be charged at a rate of 6%. This sort of transaction will involve an apportionment between the residential and non-residential portions to ascertain total stamp duty payable.

so if the value of the house was 400 k and the land 50 k , the total stamp duty bill would be seven thousand ?

Tipp Man

irishh_bob wrote: »

so if the value of the house was 400 k and the land 50 k , the total stamp duty bill would be seven thousand ?

I thought it was selling the 35 acres they were;)

What you said above will not be possible, they won't allow you to way overvalue the house and way undervalue the land to avoid stamp. they will expect a realistic market valuation of both and stamp paid on this accordingly

Without knowing the quality of the land or the condition of the house, but assuming both are reasonable quality, then its probably 9,000 an acre and somewhere between 100-150k for the house

Victor

bath handle wrote: »

Hello there, surely you know what you read? How would i or anyone else know what you read?

Can you keep it constructive please?

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There were some reliefs for co-residents of the deceased and for the likes of family farms/ businesses, but I'm not sure if they exist anymore.

ShadowHearth

irishh_bob wrote: »

no worrys clever clogs , i done some research , rate of duty is 1% , since last december , all exemptions like 1st time buyers were removed

I was told, that first time buyers domt pay 1%. did they removed that?! Bastords

djmcr

ShadowHearth wrote: »

I was told, that first time buyers domt pay 1%. did they removed that?! Bastords

Gone since December's budget alright

up4it

Q: Up to how acres of land are considered residential when you buy a property?

For instance, what if it was four acres of land in total?

Victor

For these purposes, typically the curtilege (gardens, outbuildings, etc.) of a house is considered part of the house. Anything else is considered 'land'

For CGT there is a 2 acre(?) limit applied for the house and curtilege.