Residential Stamp Duty Reform
The Residential Stamp Duty System for Ireland was recently reformed in the 2008 Budget announced on Wednesday December 5th 2007.
Under the new stamp duty system there is an exemption of €125,000 and the duty is charged on the excess of the consideration. Where the consideration is less than €1,000,000 7% duty is charged on the excess (the value of the consderation which is over the exempt €125,000). A higher rate of duty is applicable to considerations over €1,000,000 whereupon a rate of 9% is charged on the excess consideration over the €1,000,000 threshold.
The price brackets that benefit most in terms of percentage savings from the new system are the €150,000 - €200,000 bracket and the €650,000 - €850,000 bracket.
