Stamp Duty 
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Stamp duty in Ireland is a tax payable to the Government based on the documents used in the transfer of property. (In other words, the conveyance document which transfers ownership to you). The value of the property (i.e., home or apartment, land or housing site) and your status (i.e., whether you are a first-time buyer, investor, etc.) will determine the amount of stamp duty that is payable. Stamp duty is divided up into different categories and rates and the amount you pay will depend on:
- Whether you are going to live in the house or apartment (residential or owner-occupier) or are an investor
- Whether as an owner-occupier, you are a first time buyer
- Whether it is a new or second-hand house or apartment
- The size of the house or apartment.
Stamp duty is also payable on land/housing sites without residential buildings. Where your agreement to buy a site is linked to a construction contract, stamp duty may be payable on the full amount of the site plus the construction contract.
PART 2 - STAMP DUTY ON IMMOVABLE PROPERTY
Conveyance or Transfer on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance. |
Reference to the SDCA is to the Stamp Duties Consolidation Act 1999.
Introduction
The most common charge to stamp duty which affects individuals is the stamp duty on the purchase of residential property; i.e. houses and apartments. The amount of stamp duty payable depends on:
- The price paid (or the market value where the price paid is less than market value) for the property,
- Whether the property is new or second-hand, and
- Whether the purchaser is a first time buyer, owner-occupier or investor
The current rates of duty for residential property and non-residential property are set out below
Residential property (for instruments executed on or after 5 November 2007)
Aggregate Consideration exceeds €127,000* |
Rate of Duty |
First €125,000 |
Nil |
Next €875,000 |
7% |
Excess over €1,000,000 |
9% |
Non-residential property (for instruments executed on or after 15 October 2008)
Aggregate Consideration |
Rate of Duty |
Up to €10,000 |
Exempt |
€10,001 to €20,000 |
1% |
€20,001 to €30,000 |
2% |
€30,001 to €40,000 |
3% |
€40,001 to €70,000 |
4% |
€70,001 to €80,000 |
5% |
Over €80,000 |
6% |
How to apply
Your solicitor will calculate how much stamp duty is due and request this from you prior to the closing of the sale. The amount is paid to the Revenue Commissioners who place a stamp on the property deeds. Without this stamp, the deeds cannot be registered.
This info regarding stamp duty has been taken from www.oasis.gov.ie. Due to the fact that it is information supplied by the government, reproduction of the information is allowed as long as the source is acknowledged. In light of this, this text should be inserted under this article:
In accordance with copyright law, this information has been reproduced from www.oasis.gov.ie
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