NEW STAMP DUTY RATES AS ANNOUNCED IN BUDGET 2008 by nyx11518

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									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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