person holding pen

Stamp Duty

Stamp Duty

Budget 2018

Stamp Duty on commercial property to increase from 2% to 6% from 11 October 2017. [Peak rate in 2008 was 9%].

Consanguinity relief is being retained, as is Young Trained Farmer Relief.

Budget 2017

No changes to Stamp Duty were announced in the Budget.

Budget 2016

Stamp duty on ATM & debit cards of €2.50 / €5 to be abolished from 01 January 2016 and replaced with a 12c ATM withdrawal fee.

This ATM withdrawal fee will be capped at €2.50 / €5 accordingly, therefore people will not be charged extra but will be rewarded for less cash withdrawals and incentivised to pay via debit card transactions.

Stamp Duty exemption for Young Trained Farmers is being extended until 31 December 2018.

Budget 2015

Agricultural leases between 5 and 35 years in duration to active farmers will be exempt from Stamp Duty.

Consanguinity Relief is extended for a further 3 years on non-residential property.

The rate of Stamp Duty on residential property is currently 1% on proerties under €1m and 2% over that limit. This applies from transactions executed on or after 08 December 2010 with transitional arrangements in place.

The following Stamp Duty reliefs have been abolished;

  • Transfer of site from parent to child
  • New dwelling houses / apartments with floor area exceeding 125 sq.m
  • Residential property first time purchaser relief
  • Consanguinity relief in relation to residential properties only

With effect from 07 December 2011 the rate of Stamp Duty on commercial property and farmland will be reduced from 6% to 2%.

 

Hall Street, Kingscourt, Co. Cavan.
Tel: 042 966 5153 | Fax: 042 966 5909

Main Street, Bailieborough, Co. Cavan.
Tel: 042 966 5153 | Fax: 042 966 5909

Chartered Accountants
Registered Auditors
Chartered Tax Advisors
Insolvency Practitioners