Answers to questions on stamp duty and and buying for the first time.

Stamp duty - when do I have to pay it?

I signed contracts for an apartment last month - it will be ready for completion later this year. What happens if there is a change in stamp duty?

As far as I can make out, depending on the results of the general election, the stamp duty rate could change.

Do I pay the rate "as was" when I signed contracts (last month) or whatever the new rate is when I complete (probably in October)?

According to the Revenue, the stamp duty you will have to pay will not be based on the date of the contract, which was signed last month.

It will be based on the rates in force when the balance is paid when the apartment is complete.

That's the layman's way of saying it - the official lingo is that "stamp duty is chargeable on the instrument (i.e. conveyance/transfer/lease) which gives effect to the purchase of the property.

"Such instrument is normally executed on completion of the contract on payment of the balance of the purchase monies.

"The stamp duty chargeable is calculated on the basis of the rates of duty in force at the date of execution of the conveyance/transfer/lease and not at the rates in force at the date of execution of the contract."

Your talk of "as was" and "new rate" reflects the pre-election uncertainty that surrounds this very expensive subject.

For all anybody knows at this stage, the rate you will be paying in October could be the same as the rate you were made aware of last month.

Am I a first-time buyer?

Some years ago I inherited a small house from my parents which I use as a sometime holiday home. I do not let it out or get any income from it. I am anxious to buy an apartment in Dublin as I work here but as I am already a homeowner will I still be considered a first-time buyer or will I have to pay stamp duty?

On the information you have given, you would still be considered as a first-time buyer as an inheritance is not regarded as a previous purchase meaning that the first-time buyer relief can be claimed.

As a first-time buyer you won't have to pay stamp duty if the property meets certain conditions - it must be new build, a second-hand property must be below €317,000 and its certified floor area must be no greater than 125sq m (1,346 sq ft).

Send your queries to Property Questions, The Irish Times, The Irish Times Building, 24-28 Tara Street, Dublin 2 or email propertyquestions@irish-times.ie. Unfortunately, it is not possible to respond to all questions. The above is a representative sample of queries received. This column is a readers' service and is not intended to replace professional advice. No individual correspondence will be entered into.