SO READ ON is the advice from Jennifer Downing, Partner and Head of the Property Department at CDS Law & Tax LLP.
Where you (as an individual or a company) purchased a site and paid the higher rate of stamp duty (i.e. 6-7.5%) and you commenced construction on the site within 30 months of the purchase then you are entitled to a refund of the difference between the 6-7.5% and the 2% rate.
The key criteria for the refund are:
- You must have stamped the original deed
- You must commence building within 30 months of the date of the deed
- You must develop the required portion of the land for residential purposes.
If you meet the above criteria then you will be successful with your refund claim.
To make a claim, you or the individual who processed the initial stamp duty application can submit the claim through ROS (the Revenue Online System) by uploading:
- A completed Declaration (draft available on Revenue Website)
- A copy of the Deed of Transfer and Stamp Certificate
- A copy of the email confirmation from the local authority acknowledging the commencement notice.
Once filed the refund will be processed and issued to the applicants account as submitted.
For example:
In circumstances where construction costs are through the roof if you are entitled to a refund, you should get it!
For more information, contact Jennifer Downing, Partner and Head of the Property Department at CDS Law & Tax LLP.
Call into either of our offices located on 4 Denny Street, Tralee or Penrose Wharf, Alfred Street, Cork or phone us on 066 7169033/021 2355810.
