New stamp duty system (As per budget 2008)
Stamp duty is one of the most discussed and controversial taxes in Ireland We have outlined below the rates and some general detail which may be of assistance . The current rates of stamp duty were set in the Budget 2009 and are as follows:
Second hand homes:
Property Value - Rate
Up to €125,000 - Exempt
Next €875,000 - 7%
Balance - 9%
Stamp Duty Rates on New Homes:
First-time Buyers: There is no stamp duty for first-time buyers on any new homes so long as it is your main residence and you are not purchasing the property to rent it out as an investor.
Other Buyers: For all other owner-occupiers* the stamp duty rate on new homes depends on the floor area of the property. There is no stamp duty on new homes for owner-occupiers if the floor area is less than 125 sq metres. If the floor area is greater than 125 sq metres, then stamp duty is payable at the following rates:
Property Value - Rate
Up to €125,000 - Exempt
Next €875,000 - 7%
Balance - 9%
*An owner-occupier is a buyer who is buying the property to live in as their sole residence.
Stamp Duty Rates on Second-Hand Homes:
First-time Buyers: There is no stamp duty for first-time buyers of second-hand homes.
Owner Occupiers/Investors: The following stamp duty rates apply to Owner-occupiers/Investors of second-hand homes:
Property Value - Rate
Up to €125,000 - Exempt
Next €875,000 - 7%
Balance - 9%
Stamp Duty Rates on Non-Residential Property:
It is important to note here that there is no reduction in stamp duty rate on the purchase of land or sites. The same rates apply to all buyer types.
Chargeable Consideration (Price) - Stamp Duty Rate
€0 - €10,000 - 0%
€10,001 - €20,000 - 1%
€20,001 - €30,000 - 2%
€30,001 - €40,000 - 3%
€40,001 - €70,000 - 4%
€70,001 - €80,000 - 5%
€80,001 + 6%