New home property tax exemption to be extended to 2019

KingCong

http://www.irishtimes.com/business/economy/buyers-of-new-homes-to-escape-property-tax-until-2019-1.2457935

Some welcome good news for buyers of brand new homes.

gaius c

Folks selling second hand homes shouldn't be standing for this obvious state aid to developers.

Wabbit Ears

meh, its a few hundred quid, a teardrop in the ocean on the purchase price of a house.

PixelTrawler

Woah wait a second. We bought a second hand house in 2013 and have an exemption til 2016. They are extending the exemption for people who bought new houses but not second hand?

wench

PixelTrawler wrote: »

Woah wait a second. We bought a second hand house in 2013 and have an exemption til 2016. They are extending the exemption for people who bought new houses but not second hand?

Its right there in the linked article:

A further 10,000 were exempt due to a separate special provision which effectively meant that anyone buying a home in 2013 did not have to pay the tax. This was originally introduced for first-time buyers only but was extended subsequently to anyone buying a house in 2013 as a primary residence. This exemption – applying to those who bought in that year – will now continue until the end of October 2019.

PixelTrawler

wench wrote: »

Its right there in the linked article:

Woohoo! I missed that completely. Nice christmas present

caviardreams

I hope somebody contests this. I bough a second hand home in 2014 and have been paying property tax since.

Also, as I believe the Law society guidance stipulates that declared property values should be within one band of the current selling price, I am also paying at a higher rate than was originally declared for the property. Whereas those buying new builds don't pay anything until 2019? Seems very unfair.

Arbiter of Good Taste

wench wrote: »

Its right there in the linked article:

I read the second article and shook my head at how crap the Irish times business section is. The exemption was not "extended" to second hand buyers. The legislation was drafted badly (ie rushed through) and it was discovered after the legislation was introduced that it covered buyers of second hand homes. They tried to keep it quiet for months in the hope that taxpayers wouldn't notice. I can't rembember why it was announced as I was getting married the next day.

Sorry for being so pedantic

April 73

Arbiter of Good Taste wrote: »

I read the second article and shook my head at how crap the Irish times business section is. The exemption was not "extended" to second hand buyers. The legislation was drafted badly (ie rushed through) and it was discovered after the legislation was introduced that it covered buyers of second hand homes. They tried to keep it quiet for months in the hope that taxpayers wouldn't notice. I can't rembember why it was announced as I was getting married the next day.

Sorry for being so pedantic

This is what I don't understand. Badly drafted legislation has now been extended for people who bought second-hand houses in 2013 right out to 2019. Why not take the opportunity now to do a simple redraft & bring those houses into the LPT? Six years exemption is quite significant.

There is now a very uneven playing field for paying LPT.

quizzical

We brought our first home in Jan 2015 but it is a second hand house what does this mean for us??

L1011

quizzical wrote: »

We brought our first home in Jan 2015 but it is a second hand house what does this mean for us??

Nothing, you're liable for LPT already and will continue to be.

jimmycrackcorm

gaius c wrote:

Folks selling second hand homes shouldn't be standing for this obvious state aid to developers.

Back in the day when I bought my house people got a new home purchase grant. No complaints about state aid then...

I really hate dragging up old threads....sorry.

I bought a second hand home in 2013. I have been exempt from LPT since but think that my exemption expires at the end of this year. I came across this thread while investigating.

Am I reading correctly then that due to an error in legislation that my exemption has been extended to end 2019?

Michael D Not Higgins

TheTorment wrote: »

I really hate dragging up old threads....sorry.

I bought a second hand home in 2013. I have been exempt from LPT since but think that my exemption expires at the end of this year. I came across this thread while investigating.

Am I reading correctly then that due to an error in legislation that my exemption has been extended to end 2019?

Yes if it continues to be your PPR, you are exempt until 2019.