Stamp Duty Rates in Ireland
In the 2011 Budget Stamp Duty on residential property has been completely reformed and simplified. Stamp duty has been reduced to a flat rate of 1% on property values up to €1 million and 2% on any amounts over €1 million. There will no longer be a distinction between new versus second hand properties or first time and non-first time buyers.
Therefore no matter what your property buyer status, what property you are buying or what price the property is 1% Stamp Duty applies on properties up to €1million and 2% on amounts over €2million AND there are no longer any exemptions. All the stamp duty reliefs and exemptions listed below are to be abolished i.e.
• First time buyer relief
• Exemption for new houses under 125 sq m in size
• Relief on new houses over 125 sq m in size
• Consanguinity relief for residential property transfers
• Exemption for residential property transfers valued under €127,000
• Relief if transferring / selling a site or building from parent to child
There are no changes to the commercial property stamp duty position, which is largely at a rate of 6%. Stamp duty on land remains unchanged.
