The 2011 Budget includes major changes to Stamp Duty on residential property transactions.
The main change is the introduction of a new flat rate of 1% for transfers of residential property to 1% on properties valued up to €1 million, and a 2% rate on properties valued over €1 million.
The following Stamp Duty reliefs and exemptions are abolished.
- First time buyer relief
- Exemption for new houses under 125 sq m in size
- Relief on new houses over 125 sq m in size
- Consanguinity relief from for residential property transfers between close relatives.
- Exemption for residential property transfers valued under €127,000
- Stamp Duty ‘site to child’ relief
The changes apply for contracts executed on or after 8 December 2010. Transitional measures will apply to contracts currently in progress that are completed by 30 June 2011.
Thomas McGibney & Company 