Don't forget to check out our Stamp Duty Calculator.
Introduction
Stamp duty is a tax applied to individuals duty on the purchase of residential property. The actual amount of stamp duty payable is determined by:
- Whether the property is new or second-hand.
- Whether the purchaser(s) is a first time buyer, owner-occupier or investor.
- Purchase price for the property - or the open market value where the price paid is less than market value.
Are you a first time buyer?
To be deemed as a first time buyer:
- You must not have previously built or purchased a property in Ireland or in any other country.
- The property being purchased must be for your own use as your principal place of residence.
- Where a property is being purchased in two or more names, each of the prospective buyers must be a first time buyer in order for the exemption to apply.
First time buyers are not required to pay stamp duty on a residential property purchase. It should be noted that any benefit obtained under this exemption is subject to claw back provisions.
Are you an owner occupier?
To be deemed as an owner-occupier:
- You must be purchasing the property for use as your principal place of residence.
- No rent, other than rent received under the rent-a-room scheme is derived from the property for a period of five years from the date of the current purchase.
Again, it should be noted that this relief is subject to claw back provisions.
Are you an investor?
If you do not fall into one of the above two categories, you are deemed to be an investor in relation to Stamp Duty.
Current Stamp Duty Rates
| Stamp Duty Bands | Rate for Property Purchases |
|---|---|
| First €125,000 | 0% |
| Next €875,000 | 7% |
| Balance | 9% |
First time buyers of residential property for owner occupation are exempt from stamp duty.
Don't forget to check out our Stamp Duty Calculator.
