BUDGET 2008 NEW STAMP DUTY RATES FOR RESIDENTIAL PROPERTY SOLD IN THE REPUBLIC OF IRELAND The first €125,000 is exempt; The excess over €125,000 and up to €1,000,000 is charged at 7%; The excess over €1,000,000 is charged at 9%. These rates apply to all contracts executed on or after 5 December 2007 and to documents due to be presented for stamping no later than 5 December 2007. First-time owner occupiers continue to be exempt from stamp duty. The stamp duty rates for commercial property including land remains unchanged; residential development sites continue to be classed as non residential and continue in the main to attract 9% stamp duty. OWNER OCCUPIER RELIEF The period for which an owner-occupier must occupy a new home, on which he/she has been exempted from stamp duty as a first time buyer, before they can let the property has been reduced from 5 years to 2 years. TRANSFER OF SITE TO SON OR DAUGHTER The exempt threshold for the transfer of a site to a son or daughter on or after 5 December 2007 has been raised from €254,000 to €500,000 for stamp duty and CGT purposes.
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