Vol. 548 No. 5
181 Mr. Currie asked the Minister for Finance if he will abolish or reduce the stamp duty on houses where the purchaser has had to leave their previous house due to a registered disability; and if he will make a statement on the matter. [5437/02]
An owner-occupier will pay no stamp duty on a new property that is less than 125 square metres in size. Where the property is larger than this, stamp duty is paid, at the rate applicable to second-hand property, on either the value of the site or a quarter of the value of the house and site combined, whichever is the greater. If a person, who was leaving their previous home due to a registered disability, was purchasing a new property, they could, therefore, avail of these provisions.
In relation to the purchase of second hand properties by owner-occupiers in the Finance (No. 2) Act, 2000, I increased the stamp duty exemption threshold for owner-occupiers of second-hand houses from £60,000 to £100,000. This was in recognition of the increases in house prices in recent years and the knock-on effect this was having on stamp duty payable in respect of ordinary houses.
Stamp duty receipts allow for a broader tax base than would otherwise be possible and form an important element of the State's revenues which permits Government spending on services such as health and education. Stamp duty has always been a broad-based tax with very few exemptions or reliefs and if a concession were given for the type of situation suggested by the Deputy, it could create a precedent for other groups for special treatment. This would reduce the Exchequer yield. While the rates and thresholds are reviewed on an ongoing basis, I have no plans to amend them at this time.
