On the 7th of December 2010, Brian Lenihan the Minister for Finance announced certain changes in relation to stamp duty. For residential property a new lower rate of 1% will apply to instruments where the consideration attributable to residential property does not exceed 1 million. A higher rate of 2% will apply where the consideration is in access of 1 million.
The result of these changes is that the first time buyer exemption has been abolished and also a number of other exemptions have been abolished such as the stamp duty exemption which applied to a purchaser of a new house or apartment where the floor area did not exceed 125 square metres and the purchaser intended to be an owner/occupier of the property. Consanguinity relief has also been abolished for residential property.
Transitional arrangements will apply so that the purchaser is not disadvantaged if they had entered into a binding contract before the 8th of December 2010.
If you are considering purchasing a property and you want further information regarding these changes please contact This e-mail address is being protected from spambots. You need JavaScript enabled to view it or phone 01-2849034.
