stamp duty costs
These stamp duty rates apply to all contracts executed on or after 5 December 2007 and to documents due to be presented for stamping no later than 5 December 2007.
€ |
Rate
of Stamp Duty |
Rate
of Stamp Duty |
€0
to €125,000 |
Exempt |
Exempt |
€125,001
to €1,000,000 |
Exempt |
7% |
| Over €1,000,000 |
Exempt |
9% |
These rates apply to all contracts executed on or after 5 December 2007 and to documents due to be presented for stamping no later than 5 December 2007.
First-time owner occupiers continue to be exempt from stamp duty.
The stamp duty rates for commercial property including land remains unchanged; residential development sites continue to be classed as non residential and continue in the main to attract 9% stamp duty.
OWNER OCCUPIER RELIEF
The period for which an owner-occupier must occupy a new home, on which he/she has been exempted from stamp duty as a first time buyer, before they can let the property has been reduced from 5 years to 2 years
TRANSFER OF SITE TO SON OR DAUGHTER
The exempt threshold for the transfer of a site to a son or daughter on or after 5 December 2007 has been raised from €254,000 to €500,000 for stamp duty and CGT purposes.
| Commercial Stamp Duty Rates |
The
rates of stamp duty applicable to commercial property are different
than those applied to residential property and the current rates
are as set out below:
| Up
to €10,000 |
Exempt |
| €10,001
- €20,000 |
1% |
| €20,001
- €30,000 |
2% |
| €30,001
- €40,000 |
3% |
| €40,001
- €70,000 |
4% |
| €70,001
- €80,000 |
5% |
| €80,001
- €100,000 |
6% |
| €100,001
- €120,000 |
7% |
| €120,001
- €150,000 |
8% |
| Over
€150,000 |
9% |
It should be noted that in
leasing property stamp duty also arises. If the lease does not exceed
35 years or is indefinite stamp duty charges are at a rate of 1%
of the average annual rent. If there is a rent review clause in
the lease an additional fixed duty of €12.50 is payable
If a "premium" otherwise know as "key money" is paid for a lease,
this is also liable to stamp duty.
Your Solicitor is best to advise in relation to actual stamp duty
payable.
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