Martin Ferris
Question:138 Deputy Martin Ferris asked the Minister for Finance if he has any plans to adjust the stamp duty regime to take account of the drop in house prices and the collapse in the property market. [5104/10]
View answerWednesday, 3 February 2010
Questions (77)
Written answers
Stamp duty net receipts for 2009 are in the region of €930 million. Of this amount, the yield from property is c. €329 million, of which residential property accounts for c. €150 million and non-residential property for c. €179 million.
I have no immediate plans to change the stamp duty regime but it should be noted that no stamp duty is payable by first time purchasers of new or second hand residential property or by owner-occupier purchasers of new residential property under 125 square metres in size.
Stamp duty on property will be reviewed in the context of potential changes to the taxation of property, such as the Commission on Taxation's recommendation to introduce a residential property tax and the commitment in the renewed programme for Government to introduce a site valuation tax on non-agricultural land. If stamp duty on residential property was reduced or abolished, any shortfall in Exchequer receipts would have to made up by increases in other taxes.