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What rate of stamp duty for buying residential to use as commercial?

  • 16-10-2011 6:15pm
    #1
    summereire
    Registered Users, Registered Users 2 Posts: 299 ✭✭


    If I buy a property that is currently residential, but I'm buying it to use it for business purposes in the coming months after getting it, am I supposed to pay the residential 1% stamp duty rate or the commercial rate?

    I'll obviously be getting my solicitor to put this through for me but just want to do the maths in my own head. Thanks in advance.


Comments

  • #2
    bath handle
    Banned (with Prison Access) Posts: 370 ✭✭bath handle


    summereire wrote: »
    If I buy a property that is currently residential, but I'm buying it to use it for business purposes in the coming months after getting it, am I supposed to pay the residential 1% stamp duty rate or the commercial rate?

    I'll obviously be getting my solicitor to put this through for me but just want to do the maths in my own head. Thanks in advance.
    Is there planning permission for commercial use?


  • #3
    summereire
    Registered Users, Registered Users 2 Posts: 299 ✭✭summereire


    No, but I've spoken to the planners and they're favourable to it being used for the type of light commercial use I have in mind, but yeah there probably would be a planning application involved a little later.


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,579 ✭✭✭✭Victor


    I imagine its based on existing use, not proposed use.


  • #5
    summereire
    Registered Users, Registered Users 2 Posts: 299 ✭✭summereire


    Thanks, yeah the more I think about it that must be the case. I just wasn't sure if I was missing any law that says it must continue to be used for that purpose for X amount of time after buying but that doesn't seem to exist so that's handy with the present rates.


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