Financial Resolution No. 4: Stamp Duties
Dail Éireann — 2024-10-01
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Eamon Ryan (GP), Dublin Bay South

I move:
(1) THAT for the purposes of stamp duty charged by virtue of the Stamp Duties Consolidation Act 1999 (No. 31 of 1999), that Act be amended—
(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
(b) in Schedule 1 –
(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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and
(ii) in the heading ‘LEASE’, by the substitution of the following clause for clause (i) of paragraph (3)(a):
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(2) THAT—
(a) subject to subparagraph (b), this Resolution shall have effect as respects instruments executed on or after 2 October 2024,
(b) paragraph (1) shall not have effect as respects any instrument executed before 1 January 2025, where—
(i) the effect of the application of subparagraph (b) of paragraph (1) would be to increase the duty otherwise chargeable on the instrument, and
(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,
and
(c) the furnishing of an incorrect certificate for the purposes of subparagraph (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.
(3) IT is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act 1927 (No. 7 of 1927).
Financial Resolution No. 4 provides for stamp duty increases on both the bulk acquisition of houses and on residential properties where the value or acquisition price involved, whichever is the higher, exceeds €1.5 million, with effect from midnight tonight.
Section 31E of the Stamp Duties Consolidation Act 1999 currently provides for a higher 10% rate of stamp duty on certain acquisitions of residential property. This rate applies where a person acquires ten or more residential properties, excluding apartments, in any 12-month period. The introduction of a higher 10% rate of stamp duty in 2021 was one of a number of measures taken by this Government to disincentivise the bulk purchasing of housing by institutional investors and companies. With a view to further discouraging bulk acquisition of houses, this amendment proposes to increase the rate from 10% to 15%.
Separately, this financial resolution will also apply a rate of 6% on residential properties where the value or acquisition price involved, whichever is the higher, exceeds €1.5 million. Stamp duty on residential property is currently set at 1% on properties valued up to €1 million and 2% on any value above €1 million. The existing two rates of 1% on values up to €1 million and 2% on the values of more than €1 million continue to apply, with a new third rate of 6% coming into effect only when the value exceeds €1.5 million. It is charged only on the element of the value above that figure. The new 6% rates on values exceeding €1.5 million is intended to apply for a residential unit acquired. Clarification on the aggregation and disaggregation rules will be provided in the Finance Bill 2024 to ensure it applies on this basis.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2024-10-01/debate/main
Retrieved: 2026-08-14T04:53:17+00:00
Sitting date: 2024-10-01