Vol. 559 No. 5
141 Mr. Ring asked the Minister for Finance the stamp duty applicable on a commercial property purchase transaction, when the binding contract has been entered into prior to 4 December 2002, but it is unlikely to be executed before 1 March 2003, such as a contract dependent on planning permission and so on; and if he will make a statement on the matter. [26668/02]
In my Budget Statement on 4 December, I outlined the changes made to the rate and threshold structure effective from budget day and applicable to non-residential property, which for the most part will mean an increase in the stamp duty payable on an instrument. The details of the changes are set out in the following below.
In line with previous practice where stamp duty property rates have been increased, limited but not open-ended transitional arrangements have been put in place. These arrangements, which are quite specific, mean that where a binding contract has been entered into prior to 4 December 2002, an instrument executed solely in pursuance of that binding contract must be executed before 1 March 2003 to be stampable with the appropriate rates applicable prior to budget day.
Stamp Duty on non-residential property – budget 2003 rate changes:
|
Pre-Budget 2003 Threshold |
Rate |
New Threshold |
|
Up to €6,350 |
0% |
Up to €10,000 |
|
€6,351 –€12,700 |
1% |
€10,001 –€20,000 |
|
€12,701 –€19,050 |
2% |
€20,001 –€30,000 |
|
€19,051 –€31,750 |
3% |
€30,001 –€40,000 |
|
€31,751 –€63,500 |
4% |
€40,001 –€70,000 |
|
€63,501 –€76,200 |
5% |
€70,001 –€80,000 |
|
Over €76,200 |
6% |
€80,001 –€100,000 |
|
N/A |
7% |
€100,001 –€120,000 |
|
N/A |
8% |
€120,001 –€150,000 |
|
N/A |
9% |
Over €150,000 |
