I propose to take Questions Nos. 132 and 143 together.
I am informed by the Revenue Commissioners that Section 92B of the Stamp Duties Consolidation Act 1999 provides for an exemption from Stamp Duty where a house is purchased by a first time buyer. A person will not qualify for the exemption if he or she has previously purchased a house either within or outside of Ireland. From the details supplied by Deputy Upton, while the person has not previously purchased a house in Ireland, the person did previously purchase a house outside of Ireland. In these circumstances the person is not entitled to avail of the first time buyer exemption in relation to a subsequent purchase of a house in Ireland. However, the person may be entitled to avail of an exemption or relief from Stamp Duty if the house being purchased is newly built.
Section 91A of the Stamp Duties Consolidation Act 1999 provides for an exemption from Stamp Duty where a new house, with a floor area not exceeding 125 square metres, is purchased by a non-first time buyer for occupation as his/her principal place of residence. Section 92 of the Stamp Duties Consolidation Act 1999 provides for a relief from Stamp Duty where a new house, with a floor area exceeding 125 square metres, is purchased by a non-first time buyer for occupation as his/her principal place of residence. Where this relief applies, Stamp Duty is chargeable, at the residential property rates, on the greater of (a) the consideration paid for the site or (b) 25% of the aggregate of the consideration paid for the site and the building costs. The residential property rates of Stamp Duty are set out in the following table:
Rates of Stamp Duty on residential property
Aggregate Consideration exceeds €127,000*
|
|
First €125,000
|
Nil
|
Next €875,000
|
7%
|
Excess over €1,000,000
|
9%
|
*Transactions, where the consideration (or the aggregate consideration) does not exceed €127,000, are exempt from Stamp Duty.