The Financial Resolution passed by the Dáil on 19 May last provides for a new higher stamp duty rate of 10% where at least 10 residential units (excluding apartments) are acquired by an individual or a corporate entity such as a company in any 12-month period. This new measure is ‘triggered’ when a residential unit is acquired on or after 20 May 2021, with the ‘look-back’ 12-month period commencing at this time on a rolling basis. The units acquired during that period are aggregated. When the 10th unit is acquired, it is chargeable at the 10% rate and this rate also then applies to the other 9 units and to any other units acquired at the same time as the 10th unit. However, while any units acquired before 20 May 2021 are taken into account in establishing whether the threshold of 10 units has been reached, the 10% rate of stamp duty is not applied to these units but only to those units acquired on or after this date.
The Deputy will be aware that multiple purchases by Local Authorities, approved housing bodies, and the Housing Agency are outside the scope of this higher stamp duty. In this regard, you should also note that when putting this Financial Resolution on a permanent statutory footing, I propose providing an exemption from the 10% rate for the provision of the mortgage to rent scheme by private sector participants.
Finally, I am advised that the information sought by the Deputy in connection with forward purchase agreements is not collected by any Government Department. However, I will explore with the Minister for Housing, Local Government & Heritage and Revenue whether it is possible to put in place a reporting regime for agreements of this nature.