Vol. 478 No. 6
41 Mr. N. Ahern asked the Minister for Finance if he will give details of the basis on which stamp duty is charged; if it must be on the market value of the house or if it can be assessed on the land or site value; whether this issue has been tested in court; and if he will make a statement on the matter. [11859/97]
In general, stamp duties are payable on documents e.g. deeds transferring property, share transfer forms, and policies of insurance are all liable to stamp duty. Stamp duties are also payable in respect of items such as credit cards and cash cards.
In the case of a deed transferring a second hand house duty is charged on the price paid for that house. If the house is transferred by way of gift duty is charged on the market value of the house. New houses and apartments with a floor area of 125 square metres or less are exempt from stamp duty. New houses and apartments with a floor area in excess of this are only subject to stamp duty on the greater of the site cost or one quarter of the combined site cost and building cost.
I am informed by the Revenue Commissioners that from their knowledge no case has been tested before the Irish courts in relation to whether stamp duty should be charged on the market value or the site value of a house.
