Paul McGrath
Question:237 Mr. P. McGrath asked the Minister for Finance if he will comment on a newspaper report (details supplied) regarding liability for stamp duty; and the legislative basis for this situation. [37437/06]
View answerTuesday, 14 November 2006
Questions (173)
Written answers
As the Deputy will be aware, taxpayer confidentiality requires that a Minister for Finance does not answer a Parliamentary Question about the tax affairs of an individual or company, other than when the Deputy is asking the question on behalf of the individual or company. In this instance, it is not the case, and in the circumstances, I regret I cannot comment on the tax affairs of any taxpayer. However, by way of general comment, the rates of stamp duty that are applicable to various instruments are set out in Schedule 1 to Stamp Duties Consolidation Act 1999. Historically, different rates of ad valorem stamp duty have applied to instruments transferring real property and stocks/marketable securities (viz. mainly shares). The rate of duty on the transfers of shares has remained at 1% since 1951, while the rate of duty on the transfer of real property has varied over the intervening years. The current rates for transfer of non-residential property are as follows:
|
Aggregate Consideration |
Rate of Duty |
|
Up to €10,000 |
Exempt |
|
€10,001 to €20,000 |
1% |
|
€20,001 to €30,000 |
2% |
|
€30,001 to €40,000 |
3% |
|
€40,001 to €70,000 |
4% |
|
€70,001 to €80,000 |
5% |
|
€80,001 to €100,000 |
6% |
|
€100,001 to €120,000 |
7% |
|
€120,001 to €150,000 |
8% |
|
Over €150,000 |
9% |
Non-Residential Property is basically any property other than residential property, stocks or marketable securities or policies of insurance. It includes (but is not limited to) sites, offices, factories, other business premises, shops, public houses, land and goodwill attaching to a business.