Gay Mitchell
Ceist:302 Mr. G. Mitchell asked the Minister for Finance if stamp duty will be waived in the case of a person (details supplied) in Dublin 12; and if he will make a statement on the matter. [14766/06]
Amharc ar fhreagraTuesday, 25 April 2006
Ceisteanna (256)
Freagraí scríofa
I am informed by the Revenue Commissioners that there is no provision in stamp duty legislation for the waiver of stamp duty in the circumstances outlined. The amount of stamp duty payable on the purchase of a second-hand house depends on a number of factors including who is proposing to buy the property, whether the individual purchasing the property is a first-time buyer and owner occupier and the amount of the consideration paid for the property. For example, if a person is not a first-time buyer and buys a second-hand residential property the amount of stamp duty payable will depend on the consideration paid for the house based on the following table under the heading "A — Full Rate".
|
Consideration |
A |
B |
|
Full Rate |
First Time Buyer/Owner Occupier |
|
|
% |
% |
|
|
Less than €127,000 |
Nil |
Exempt |
|
€127,001 —€190,500 |
3 |
Exempt |
|
€190,501 —€254,000 |
4 |
Exempt |
|
€254,001 —€317,500 |
5 |
Exempt |
|
€317,501 —€381,000 |
6 |
3 |
|
€381,001 —€635,000 |
7.5 |
6 |
|
Over €635,000 |
9 |
9 |
In addition, if he or she subsequently carries out renovation work on the property, there will be no stamp duty implications on the cost of the renovation. Alternatively, if a person's son or daughter purchases a second-hand house the only relief available to him or her is as a first-time buyer and owner occupier, if applicable. This would entitle him or her to exemption of stamp duty on the purchase deed of transfer for any property up to €317,500. A reduced rate of stamp duty would apply where the purchase price is between €317,501 and €635,000 as outlined under heading "B — First time Buyer/Owner Occupier" in the table. If he or she subsequently incurs and carries out renovation work on the property there will be no stamp duty implications on the cost of renovation.
If the property purchased is a new house, where it is subject to a floor area compliance certificate under 125 sq m, an exemption to stamp duty will apply to an owner-occupier. A relief for owner-occupier is also available on new houses where the floor area exceeds 125 sq m. Stamp duty then becomes payable on the greater of the site value or on 25% of the total purchase price. If the person in question has any further inquiries on the matter he may telephone the stamp duty Lo Call number 1890 48 25 82. Further information on stamp duty generally is also available on Revenue's website at www.revenue.ie.