Dáil Éireann Debate, Thursday - 7 December 2017
64. Deputy Michael Fitzmaurice asked the Minister for Finance the stamp duty that applies to a site of less than one acre which is intended for one off housing; and if he will make a statement on the matter. [52382/17]
Amharc ar fhreagra65. Deputy Michael Fitzmaurice asked the Minister for Finance if a site of less than one acre that is used for the development of one dwelling within 30 months can qualify for the refund scheme under the Finance Act 2017; the conditions that must be satisfied prior to the refund; and if he will make a statement on the matter. [52383/17]
Amharc ar fhreagraI propose to take Questions Nos. 64 and 65 together.
As they both relate to the Stamp Duty treatment of the acquisition of a site of less than an acre which is intended for one off housing.
I am advised by Revenue that, based on the information provided, the site would be treated as non-residential property at the time of acquisition. The rate of Stamp Duty on the purchase or voluntary transfer of non-residential property was increased to 6% by way of Budget Day Resolution and applies in relation to all relevant conveyances executed after midnight on Budget day.
During the Report Stage of Finance Bill 2017, I introduced a Stamp Duty refund scheme. This scheme is intended to stimulate the provision of residential accommodation by providing for a partial refund of stamp duty paid on the acquisition of land where that land is used for the development of housing.
In relation to a site used for a single house, the scheme will allow for a refund of 2/3 of the stamp duty paid on the acquisition of the site where the area occupied by the house, including its curtilage, does not exceed 1 acre (.4047 Hectares). Where the area of the site exceeds this amount the refund will be capped at 2/3 of the amount referable to .4047 Hectares.
The main conditions for availing of the refund are that the purchaser must have paid 6% stamp duty when acquiring the land, construction work must have commenced within 30 months of the land being purchased and the house must be completed within two years of the commencement of construction.
