Olivia Mitchell
Question:164 Ms O. Mitchell asked the Minister for Finance if he will reduce the 9% stamp duty applicable to elderly residents purchasing reversionary interests. [31439/01]
Vol. 546 No. 3
164 Ms O. Mitchell asked the Minister for Finance if he will reduce the 9% stamp duty applicable to elderly residents purchasing reversionary interests. [31439/01]
It is assumed that the "9% stamp duty" referred to in the Deputy's question is the flat rate of stamp duty which was applicable to investors buying second hand residential property prior to 6 December 2001. The Finance (No. 2) Act, 2000 introduced a flat 9% rate of stamp duty for residential property bought by investors. From 27 February 2001 relief from the 9% rate was introduced for investors purchasing new residential property.
In Budget 2002, on 5 December 2001, I introduced changes to the stamp duty rates payable by investors in both new and second-hand residential property. From 6 December 2001, purchasers of such properties will pay the same rates as already paid by owner occupiers who purchase second-hand property. For ease of reference the rates now applicable to second-hand residential property are the following:
Aggregate Consideration £ |
Aggregate Consideration (Effective 01/01/02) |
Reduced Rate (First Time Buyers) |
Full Rate (Other Owner Occupiers/Investors 2nd hand properties) |
Up to £100,000 |
Up to 127,000 |
Nil |
Nil |
£100,001-£150,000 |
127,001-190,500 |
Nil |
3.00% |
£150,001-£200,000 |
190,501-254,000 |
3.00% |
4.00% |
£200,001-£250,000 |
254,001-317,500 |
3.75% |
5.00% |
£250,001-£300,000 |
317,501-381,000 |
4.50% |
6.00% |
£300,001-£500,000 |
381,001-635,000 |
7.50% |
7.50% |
Over £500,000 |
Over 635,000 |
9.00% |
9.00% |