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Information
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.
Stampduty is also paybale 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 a the construction contract.
Rates of Stamp Duty for Residential Property
The rates of duty applicable for residential property (whether new or second hand) are as follows:
Aggregate Consideration Exceeds 127k*
First 125,000 Nil
Next 875,000 7%
Excess over 1,000,000 9%
*Transactions, where the consideration (or aggregate consideration) does not exceed 127,000, are exempt from stamp duty.
Stamp Duty on Non-Residential Property
Non-Residential Property is any property other than residential property, stocks or marketable securities or policies of insurance. It includes (but is not limited to) sites, offices, factories, other business premises, shops, public houses, land and goodwill attaching to a business.
The top rate of stamp duty for non-residential property has been reduced from 9% to 6% in respect of instruments executed on or after 15 October 2008.
The revised rate structure, will also apply to the premium payable under a lease of non-residential property.
Aggregate Consideration
Up to 10,000 Exempt
10,000 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%
Aggregation continues to apply in determining the stamp duty liable where a transaction forms part of a larger transaction or of a series of transactions involving non-residential property. Accordingly, where the chargeable consideration is less than 80,000, the instrument should contain the normal certificate* reciting the appropriate threshold. However, where the top rate of 6% is payable there is no requirement to include a certificate in the instrument.
*It is hereby certified that the consideration (other than rent) for the sale/lease is wholly attributable to property which is not residential property and that the transaction effected by this instrument does not form part of a larger transaction or a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration (other than the rent) which is attributable to property which is not residential property exceeds 10,000/20,000/30,000/40,000/70,000/80,000.
The above is general information only which may not address your particular circumstances; you may need more detailed information and/or legal advice. Please refer to www.revenue.ie for full explanations and guidelines relating to stamp duty matters.
The information provided is given in accordance with The Irish Revenue Commissioners Guidelines on Stamp Duty. |
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