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When is stamp duty actually payable ?

  • 20-04-2012 11:03am
    #1
    themoneyguy
    Registered Users, Registered Users 2 Posts: 76 ✭✭


    When is stamp duty actually payable? Is it at the signing of contracts or at some later period?

    Background

    I bought an apt late Dec 2006 as a First Time Buyer. I paid stamp duty to the tune of 12K as this was the rate at the time. Then the exemption for FTB came into effect in March 2007 and I was kicking myself. But im just wondering now - is there the possibility of a refund on the basis of dates whatever paperwork was signed? Considering it was the boom is there a chance my solicitor didnt get around to filling out some paperwork until a few months later than Dec 06?

    For all those who will say tough luck you should have waited....
    I bought a 1 bed apt in 2006 for 370K, now worth about 120K
    I paid stamp duty for 12K
    And as I couldnt afford to live there anymore and pay the mortgage I had to move home and rent the Apt out. I am still covering about 500 pm towards it. As I am not living there I cannot claim Tax Relief at Source. Even the 5% increase in TRS for "unfortunate" people as myself who bought between 2004-2006 doesnt help me as the revenue wont agree to
    pay any TRS towards my crippling mortgage.

    I am a pretty big loser on this one.

    Anyone have any advice on how I can make my situation better?

    Thanks!!!


Comments

  • #2
    IrishTaxGuide
    Registered Users, Registered Users 2 Posts: 6 ✭IrishTaxGuide


    The date that you are concerned with is the date of execution of the contract transferring title of the apartment to you. The contract is effectively fully executed when you have a right to take the keys to the apartment. So if you signed the contract in December, but there were delays for whatever reason and funds didn't passed hands until later and then got the keys (or were entitled to the keys) after 31 March then you may be entitled to a refund of stamp duty paid. But if you completed the purchase of the apartment in December then I'm afraid you're stuck with the liability.


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