The application of the 10% rate of stamp duty to certain acquisitions of residential property is provided for in section 31E of the Stamp Duties Consolidation Act 1999, as introduced by the Finance (Covid-19 and Miscellaneous Provisions) Act 2021.
I am advised by Revenue that, based on returns for the period since the commencement of the Section, the available information for 2021, 2022 and 2023 is as shown in the table below. The data is provisional and may be subject to revision.
It is not currently possible to determine the number of newly built properties in respect of which the 10% rate of stamp duty tax has been paid. In some cases it may have been charged on the sale of second hand properties or properties sold by one institutional investor to another such investor.
Stamp Duty Section 31E
|
10% Duty payable (€m)
|
Number of Purchasers*
|
Number of Properties
|
2021
|
4.7
|
16
|
187
|
2022
|
14.3
|
15
|
395
|
2023
|
22.1
|
16
|
623
|
*Where an entity purchases multiple properties on multiple stamp duty returns in a year, they are counted once only.