Dáil Éireann Debate, Wednesday - 5 July 2006
216 Mr. Cregan asked the Minister for Finance the rates of stamp duty on private dwellings; the various thresholds; the amount it would cost if the €318,000 exemption level was given as an exemption against all sales, to all first time buyers and all buyers up to €500,000; and if he will make a statement on the matter. [27175/06]
Amharc ar fhreagraIn the case of second-hand residential property, the rates of stamp duty are:
|
Consideration |
First-time owner-occupiers |
Others |
|
% |
% |
|
|
Up to €127,000 |
0 |
0 |
|
From €127,001 to €195,500 |
0 |
3 |
|
From €195,501 to €254,000 |
0 |
4 |
|
From €254,001 to €317,500 |
0 |
5 |
|
From €317,501 to €381,000 |
3 |
6 |
|
From €381,001 to €635,000 |
6 |
7.5 |
|
Over €635,000 |
9 |
9 |
All owner occupiers can purchase a new home between 38sq. m and 125sq. m, where a Floor Area Compliance Certificate has been obtained, without a liability to stamp duty. Where a new house is over 125sq. m, stamp duty is charged on either the value of the site or 25% of the value of the property, whichever is the greater, using the rates listed above.
In the case of a non-owner occupier of a new home, stamp duty is charged at the rates applying to non-first-time buyers of second-hand residential property, ("Others" — listed above).
I am informed by the Revenue Commissioners that the estimated cost of extending the current stamp duty exemption of €317,500 to all residential property is €244 million in a full year, based on the 2005 stamp duty yield. The cost of charging stamp duty only on the difference between €317,500 and the purchase price of residential property up to €500,000 for all first buyers and other purchasers is estimated at €200 million in a full year, based on the 2005 stamp duty yield.
