Change to Stamp Duty

Stamp duty is a tax applied to certain documents and transactions in Ireland, primarily those involving the transfer of property or land. When someone buys a house, land, or building, they are typically required to pay stamp duty to the Irish government.

The rate of stamp duty can vary based on the value and intended use of the property. For residential properties, the current rates are:

• 1% on the first €1 million of the purchase price
• 2% on any amount between €1 million and €1.5 million
• 6% on properties valued over €2 million

For non-residential properties, such as commercial real estate, a flat rate of 7.5% applies.

It’s important to note that the responsibility for paying stamp duty falls on the buyer/transferee. The payment of stamp duty is a legal requirement and is usually handled by the buyer’s solicitor during the property transaction process. Failure to pay stamp duty can result in penalties and interest charges.

The revenue generated from stamp duty is used by the Irish government to fund various public services.

In some cases, there are reliefs and exemptions available, such as for first-time buyers or family transfers. If you are considering a property purchase, it’s advisable to consult with a professional, like the team at Powderly Solicitors, to determine if you might qualify for any reductions.