Ivor Callely
Question:57 Mr. Callely asked the Minister for Finance the region which the residential stamp duty rates are most likely to effect; his views on a fair and balanced tax regime; and if he will make a statement on the matter. [4070/97]
Written Answers. - Stamp Duty.
The transfer of all second hand residential property in excess of £150,000 will be liable to the new rates of stamp duty. In addition, new residential property with a floor area in excess of 125 square metres will also be liable to these new rates if either the site value of the property, or one quarter of the aggregate of the site value and the construction costs exceed £150,000.
With regard to the question of the regional dispersion of the transfer of residential property in excess of £150,000 I am informed by the Revenue Commissioners that the information is not collected in a format which would provide an answer to the specific question. However, I would expect that the vast majority of such properties are located in urban areas where the value of residential property is generally at a premium. The Government is satisfied that these new rates, which are being introduced to recoup most of the loss in revenue to the Exchequer as a result of the abolition of residential property tax, are an appropriate means of addressing the need to raise revenue from residential property.