I propose to take Questions Nos. 167 to 169, inclusive, together.
I am advised by Revenue that the estimated yield from increasing the stamp duty rate from 10% to 17% for the purchase of 10 or more houses is in the region of €7 million annually. This estimate assumes that there would be no impact on the level of multiple property purchases due to this proposed increase.
It is not possible to estimate the additional yield if the higher Stamp Duty rates were extended to apartments and properties rented to local authorities, as the specific data is not available from the information on stamp duty returns provided to Revenue.
I am advised that pages 18 and 19 of Revenue’s Ready Reckoner can be used to estimate the yield from changes to the rate of Stamp Duty on property. The Ready Reckoner is available at the following link: www.revenue.ie/en/corporate/documents/statistics/ready-reckoner.pdf.
The Ready Reckoner can also be used to estimate the additional yield from the proposed 1% increase in the rate of Stamp Duty on all non-residential property and on sales above €500,000 only. The additional yield from a 1% increase in the rate on sales above €1,000,000 is estimated to be in the region of €58 million.
Finally, the Ready Reckoner can be used to extrapolate the estimated additional yield from increasing the commercial stamp duty rate to 15%. This estimated additional yield would be in the region of €555 million. However, it should be noted that this estimate does not take account of behavioral changes that would arise from changing the rate significantly.
