Stamp Duty
August 24, 2007
With the recent changes in the 2007 finance bill first time buyers are now exempt from paying stamp duty on both new and second-hand properties. Prior to this first time buyers were only exempt from stamp duty on second-hand properties with a value of less then €317,500.
The bill recently came into force but any first time buyers who have paid stamp duty after 31st March can claim a refund from the revenue commissioners. This new move means one less expense for first time buyers who wish to purchase a second-hand property. On a property valued at €500,000 the stamp duty on this previously was 6%, this now means a saving of €30,000.
The table below shows the updated rates.
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Aggregate Consideration
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First Time Buyer Rate
for instruments executed on or after 31 March 2007
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Full Rate
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Less than €127,000
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Exempt
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Exempt
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€127,001 - €190,500
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Exempt
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3%
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€190,501 - €254,000
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Exempt
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4%
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€254,001 - €317,500
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Exempt
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5%
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€317,501 - €381,000
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Exempt
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6%
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€381,001 - €635,000
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Exempt
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7.5%
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Over €635,000
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Exempt
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9%
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If you want any further information on this topic please contact Pól on 01-4033707
