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Archive for March, 2011

Stamp Duty

The recent budget change of altering stamp duty to 1% for all residential transactions should have a positive effect on the saleability of re-sale properties in the residential sector. This 1% rate is also applicable to new homes sales which were previously exempt but we do not feel that this will have any particular effect on this sector due to the very high price falls that it has experienced in the last few years.

The new rate of 1% now applies to all transactions whether you are a first time buyer or not or if you are purchasing a new or second hand home.

For properties valued up to €1,000,000, the new flat rate of 1% of the purchase price applies. For properties valued over €1,000,000 the rate of 1% applies to the first €1,000,000 and a rate of 2% applies to the balance.

For Example: A non-first time buyer who was purchasing a second hand property for €1.5million would have paid €106,250 in stamp duty, now with the new reduced rate they would only have to pay €15,000 in stamp duty.

Commercial rates remain unchanged.