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Amendment to stamp duty rates in respect of residential property
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90. (1) The Principal Act is amended—
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(a) in section 83DB(1), in the definition of “relevant instrument”, by the deletion of “, where the instrument was chargeable, in respect of the whole or part of the consideration under the instrument, to stamp duty at a rate of 10 per cent”, and
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(b) in Schedule 1—
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(i) in the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance”, by the substitution of the following paragraph for paragraph (1):
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“
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(1) (a) In this paragraph, ‘apartment block’, ‘relevant residential unit’ and ‘residential unit’ have the same meaning, respectively, as they have in section 31E.
(b) Where the amount or value of the consideration for the sale is wholly or partly attributable to residential property and the transaction effected by that instrument does not form part of a larger transaction or of a series of transactions in respect of which, had there been a larger transaction or a series of transactions, the amount or value, or the aggregate amount or value, of the consideration (other than the consideration for the sale concerned which is wholly or partly attributable to residential property) would have been wholly or partly attributable to residential property:
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(i) for the consideration which is attributable to—
(I) not more than 2 residential units in an apartment block, or
(II) residential property which is not a relevant residential unit;
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1 per cent of the first €1,000,000 of the consideration, 2 per cent of the next €500,000 of the consideration and 6 per cent of the balance of the consideration thereafter, but where the calculation results in an amount which is not a multiple of €1 the amount so calculated shall be rounded down to the nearest €.
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(ii) for the consideration which is attributable to 3 or more residential units in an apartment block;
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1 per cent of the first €1,000,000 of the consideration and 2 per cent of the balance of the consideration thereafter, but where the calculation results in an amount which is not a multiple of €1 the amount so calculated shall be rounded down to the nearest €.
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(iii) for the consideration which is attributable to a relevant residential unit.
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15 per cent of the consideration, but where the calculation results in an amount which is not a multiple of €1 the amount so calculated shall be rounded down to the nearest €.
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”,
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and
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(ii) in the heading ‘LEASE’, by the substitution of the following clause for clause (i) of paragraph (3)(a):
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“
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(i) the amount or value of such consideration for the lease is wholly or partly attributable to residential property and the transaction effected by that instrument does not form part of a larger transaction or of a series of transactions in respect of which, had there been a larger transaction or a series of transactions, the amount or value, or the aggregate amount or value, of the consideration (other than the consideration for the lease concerned which is wholly or partly attributable to residential property and other than rent) would have been wholly or partly attributable to residential property:
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(I) for the consideration which is attributable to—
(A) not more than 2 residential units (within the meaning of section 31E) in an apartment block (within the meaning of section 31E), or
(B) residential property which is not a relevant residential unit (within the meaning of section 31E);
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1 per cent of the first €1,000,000 of the consideration, 2 per cent of the next €500,000 of the consideration and 6 per cent of the balance of the consideration thereafter, but where the calculation results in an amount which is not a multiple of €1 the amount so calculated shall be rounded down to the nearest €.
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(II) for the consideration which is attributable to 3 or more residential units (within the meaning of section 31E) in an apartment block (within the meaning of section 31E);
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1 per cent of the first €1,000,000 of the consideration and 2 per cent of the balance of the consideration thereafter, but where the calculation results in an amount which is not a multiple of €1 the amount so calculated shall be rounded down to the nearest €.
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(III) for the consideration which is attributable to a relevant residential unit (within the meaning of section 31E).
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15 per cent of the consideration, but where the calculation results in an amount which is not a multiple of €1 the amount so calculated shall be rounded down to the nearest €.
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”.
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(2) Subsection (1)—
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(a) shall have effect as respects instruments executed on or after 2 October 2024, and
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(b) shall not have effect as respects any instrument executed before 1 January 2025, where—
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(i) the effect of the application of paragraph (b) of subsection (1) would be to increase the duty otherwise chargeable on the instrument, and
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(ii) the instrument contains a statement, in such form as the Revenue Commissioners may specify, certifying that the instrument was executed solely in pursuance of a binding contract entered into before 2 October 2024.
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(3) The furnishing of an incorrect certificate for the purposes of subsection (2)(b)(ii) shall be deemed to constitute the delivery of an incorrect statement for the purposes of
section 1078
of the
Taxes Consolidation Act 1997
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