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  • Stamp duty explained
Buying
Jan 17, 2012 - 11:27

Stamp duty explained

MyHome Content Studio
By MyHome Content Studio
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Stamp duty explained

 

Stamp duty is a tax the government levies on the purchase of all residential property whether new or old.

Since the Budget of 8 December 2010, the rate is 1% for properties valued up to €1 million and 2% for all property above that.

All exemptions such as those for first-time buyers have been abolished unless a binding contract was already in place on or before that date.

The duty is paid by the purchaser so you should factor this into your calculations both of the purchase price and the amount you will need to borrow.

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Normally your solicitor will arrange to pay the stamp duty on your behalf. However, he or she will need to have the funds from you before they pay it. Therefore you will need to pay the stamp duty to your solicitor on completion day.

First time buyers pay 1% on the purchase price paid on new or second hand homes up to €1 million and 2% on purchases over €1 million. The same rates apply to other buyers and investors.

The following are the rates of stamp duty which apply to sites and land in Ireland:

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MyHome Content Studio
By MyHome Content Studio
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