Stamp Duty

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ciaran
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Re: Stamp Duty

Post by ciaran » November 22nd, 2015, 7:48 pm

I think that estate agents & solicitors should point this out to their clients, that they could be taxed at a later date, I wonder if you paid to much for a property they would do a tax refund; :smile:
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ladyrose
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Re: Stamp Duty

Post by ladyrose » November 23rd, 2015, 4:17 pm

Paying is one thing, getting something back is another (NO CHANCE) :lol:

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Re: Stamp Duty

Post by bcfromcnp » November 23rd, 2015, 11:48 pm

I think that estate agents & solicitors should point this out to their clients, that they could be taxed at a later date
They should indeed, mine did and the funds are set aside to pay it. Fernando to me To expect it next June.

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Re: Stamp Duty

Post by clubjoker » November 24th, 2015, 12:24 pm

playapus wrote: ...
As an aside; if we pay the extra 7% complementary tax due on their inflated property value now, are we liable to pay less capital gains tax 18% (?) later, when we sell?
P.
I expect that it's either one or the other with complementary tax on purchase or capital gains tax on a sale, assuming(!) that prices go up. So we can think of it as a prepayment on the tax we (or our heirs) will pay on a sale. Unless the rules are changed again by then, which they probably will be...

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Re: Stamp Duty

Post by bini-lizard » April 5th, 2016, 11:49 am

.....we've just had an email from our solicitor (Belen) she warned us when we bought but guess what, we bought our place €140,000 below market value and owe the tax!

Did anyone get any joy from appeals?

Thanks in advance
Steve

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Re: Stamp Duty

Post by Slartibartfast » April 5th, 2016, 12:04 pm

WHAT!! that nearly 10 grand if my quick maths is correct.
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Re: Stamp Duty

Post by clubjoker » April 5th, 2016, 12:24 pm

bini-lizard wrote:.....we've just had an email from our solicitor (Belen) she warned us when we bought but guess what, we bought our place €140,000 below market value and owe the tax!

Did anyone get any joy from appeals?

Thanks in advance
Steve
Hmm. From what I've read, appeals rarely succeed, but I'm no legal expert.

Out of interest, when did you buy? I'm wondering where the tax office have got to with their assessments.

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Re: Stamp Duty

Post by bini-lizard » April 5th, 2016, 12:36 pm

11k+ in euros and to think I was chuffed that I saved £88 on flights last week!

We bought/completed in November 2013. We do love it but this has chipped a bit of the icing off my nice cake for a while

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Re: Stamp Duty

Post by clubjoker » April 5th, 2016, 12:57 pm

Yes, it does seem an unfair system, where the tax office plucks a value out of the air, as opposed to using the actual price that was paid.

On the up side, 8% now could be better than 18% on the capital gain when it's sold one day by you or your heirs. I'm assuming that any future capital gain will be calculated relative to the "tax office value" that is being taxed now (retrospectively), rather than the actual price paid at purchase. Would be good to get that confirmed by the legal people and tax office. Small consolation though - hope this works out ok for you.

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Re: Stamp Duty

Post by ciaran » April 5th, 2016, 7:03 pm

We had to pay extra tax on ours, we spoke to our lawyer and he told us the tax office are trying to get money anyway they can, he told us we were best just to pay up, the way it was worked out paying less for the property & more for the furniture, two things are certain in life, you pay your taxes & you die, enjoy :smile:
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