Dáil Éireann Debate, Tuesday - 18 April 2023
347. Deputy Alan Farrell asked the Minister for Finance the cost of abolishing stamp duty for first-time buyers of homes of less than €500,000 and for homes of less than €1 million in a full year; to outline how the estimate was arrived at respectively; and if he will make a statement on the matter. [16441/23]
View answerI am advised by Revenue that based on stamp duty returns for 2022, the latest year available, the estimated cost of abolishing stamp duty for first-time buyers of homes of less than €500k and for homes of less than €1 million in a full year is in the order of €47 million and €56 million respectively.
This estimate is arrived at by firstly taking the stamp duty returns for residential property purchases less than the suggested €500,000 threshold made by persons identifying themselves as first-time buyers. Then subsequently taking the associated tax liability as the potential cost of exempting them from the duty. The same exercise was repeated in respect of the €1 million threshold.
