Seán Fleming
Ceist:168. Deputy Sean Fleming asked the Minister for Finance his plans to abolish stamp duty in event of a property tax being introduced; and if he will make a statement on the matter. [54402/12]
Amharc ar fhreagraTuesday, 4 December 2012
Ceisteanna (168)
Freagraí scríofa
The Government has no plans to abolish Stamp Duty on transfers of residential property. Stamp Duty on property transactions co-existed with domestic rates before their abolition in 1978; and in many jurisdictions (including those with similar legal systems, such as the UK and the USA, and those with similar sized property markets, such as Denmark and the Netherlands) an annual residence related charge co-exists with a transactions-based tax which operates in a similar manner to Stamp Duty. The Deputy will note that the rate of Stamp Duty on the vast majority of residential properties is 1% compared to a rate of 9% as recently as 2010.