Jim Higgins
Ceist:150 Mr. Higgins (Mayo) asked the Minister for Finance the rate of stamp duty on a house and on agricultural land. [16812/98]
Written Answers. - Stamp Duty.
I am informed by the Revenue Commissioners that the current rates of stamp duty on residential property and on agricultural land are as shown on the tables below.
Residential Property
|
Consideration |
Rate* |
|
|
Exceeding |
Not Exceeding |
|
|
£ |
£ |
% |
|
– |
60,000 |
Exempt |
|
60,000 |
100,000 |
3 |
|
100,000 |
170,000 |
4 |
|
170,000 |
250,000 |
5 |
|
250,000 |
500,000 |
7 |
|
500,000 |
– |
9 |
Agricultural Land
|
Consideration |
Rate* |
|
|
Exceeding |
Not Exceeding |
|
|
£ |
£ |
% |
|
– |
5,000 |
Exempt |
|
5,000 |
10,000 |
1 |
|
10,000 |
15,000 |
4 |
|
15,000 |
25,000 |
3 |
|
25,000 |
50,000 |
4 |
|
50,000 |
60,000 |
5 |
|
60,000 |
– |
6 |
*The rates are applied to each £100 or fraction thereof.
New houses and apartments with a Department of the Environment and Local Government floor area certificate (up to 125 sq.m.) are entirely exempt from stamp duty where they are purchased by, or on behalf of, persons who will occupy them as their only or principal place of residence.
Other new houses and apartments (over 125 sq. m.) qualify for partial stamp duty relief where they are purchased by or on behalf of, persons who will occupy them as their only or principal place of residence i.e. the consideration for stamp duty purposes will be (a) 25 per cent of the total consideration payable for a completed house, or (b) the greater of the site value or 25 per cent of the combined consideration for the site and the house.
This exemption/relief will be clawed back if the house or apartment is let within five years of the execution of the conveyance or lease.