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LPT on selling house

  • 12-11-2014 1:57pm
    #1
    somesoldiers
    Registered Users, Registered Users 2 Posts: 13,844 ✭✭✭✭


    Hi All

    Am hoping someone can answer the below or point me in the right direction please?

    I registered my property originally in bracket 5, 250-300K. I have paid up everything to date ( e41.25 comes out of my wages every month, the original charge etc so no worries there).

    We are now looking to sell and the price we have been advised on by the estate agent pushes me up to bracket 7, 350-400K.

    My original valuation was done in good faith as this was genuinely what we would have gotten at the time, our neighbours with similar properties to ours all valued the same. There has just been a bit of a housing shortage in the area which is pushing up prices.

    Are revenue likely to come looking for money off me for the difference or is there a facility for increase in house valuations?

    thanks

    Noel


Comments

  • #2
    somesoldiers
    Registered Users, Registered Users 2 Posts: 13,844 ✭✭✭✭somesoldiers


    actually think I found the answer. Would appreciate advise from anyone that has gone through this, thanks

    http://www.revenue.ie/en/tax/lpt/vendors-faqs.html


    1.7 When is specific written clearance required from Revenue?

    Specific written clearance in relation to any potential under-declared liability should be obtained from Revenue where:
    The agreed sales price obtained for the property places it in a higher valuation band than was declared by the vendor when filing the LPT Return,
    The vendor claims that the valuation declared on 1 May 2013 was made in good faith (i.e. in accordance with Revenue's guidelines on valuing a residential property) and
    The increase in value: Cannot be explained by a general increase of prices in the area (following the opening of a new school or shopping centre in the area, for example) or
    Does not meet any of the conditions set out in sections 4.2.1 (Allowable valuation margin), 4.2.2 (Expenditure on enhancements to a property) or 4.2.3 (Sales of comparable properties) of the Guidelines for the Sale or Transfer of ownership of a Relevant Residential Property (PDF, 520KB)


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