You might be entitled to a refund from Revenue. Jennifer Downing, Partner and Head of the Property Department at CDS Law & Tax LLP explains…
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:
1) You must have stamped the original deed
2) You must commence building within 30 months of the date of the deed
3) 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:
a) completed Declaration (draft available on Revenue Website)
b) copy of the Deed of Transfer and Stamp Certificate
c) 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.
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.
