The exception to this rule is properties that were purchased in 2013. These properties are exempt until the end of 2019 if they continue to be used as the original purchaser’s sole or main residence. However if the property is subsequently sold or ceases to be a main residence between 2013 and 2019, the exemption no longer applies. This means that if you buy a property in this category you are liable for LPT in the normal way. Note that all new and previously unused properties purchased from a builder or developer between 1 January 2013 and 31 October 2019 are exempt until the end of 2019 (even if sold again in that period). Valuation When you buy a house, in most cases you do not need to provide a valuation for LPT. The valuation declared by the vendor (previous owner) in May 2013 will apply up to 31 October 2019. However, before adopting the vendor's valuation you are required to decide whether the valuation declared by the vendor was reasonably and honestly made. If you have any concerns about the original valuation these should be addressed, if possible, before the sale is completed. If you decide that the valuation declared by the vendor was too low, you will be required to submit a revised valuation before the next liability date. You can get detailed information on this process from Revenue. Your solicitor will also make all necessary enquiries to establish that previous taxes on the property have been paid and are up to date. Wills and succession If this is the first time you have purchased a property, you may want to make a will. Generally, if you die without making a will, the law on intestacy dictates what happens to your property. A will can ensure that proper arrangements are made for your dependants and that your property is distributed in the way you wish after you die. Wills are subject to the rights of spouses, civil partners or qualified cohabitants and, in certain cases, children. If you co-own the property as a joint tenant, your interest in the property will pass automatically by survivorship to the other joint tenant(s), (see page 9).
The exception to this rule is properties that were purchased in 2013. These properties are exempt until the end of 2019 if they continue to be used as the original purchaser’s sole or main residence. However if the property is subsequently sold or ceases to be a main residence between 2013 and 2019, the exemption no longer applies. This means that if you buy a property in this category you are liable for LPT in the normal way. Note that all new and previously unused properties purchased from a builder or developer between 1 January 2013 and 31 October 2019 are exempt until the end of 2019 (even if sold again in that period). Valuation When you buy a house, in most cases you do not need to provide a valuation for LPT. The valuation declared by the vendor (previous owner) in May 2013 will apply up to 31 October 2019. However, before adopting the vendor's valuation you are required to decide whether the valuation declared by the vendor was reasonably and honestly made. If you have any concerns about the original valuation these should be addressed, if possible, before the sale is completed. If you decide that the valuation declared by the vendor was too low, you will be required to submit a revised valuation before the next liability date. You can get detailed information on this process from Revenue. Your solicitor will also make all necessary enquiries to establish that previous taxes on the property have been paid and are up to date. Wills and succession If this is the first time you have purchased a property, you may want to make a will. Generally, if you die without making a will, the law on intestacy dictates what happens to your property. A will can ensure that proper arrangements are made for your dependants and that your property is distributed in the way you wish after you die. Wills are subject to the rights of spouses, civil partners or qualified cohabitants and, in certain cases, children. If you co-own the property as a joint tenant, your interest in the property will pass automatically by survivorship to the other joint tenant(s), (see page 9).