As noted in Saturday's Irish Times, Budget 2018 may increase stamp duty rates on commercial property.

The question from clients is: "when will the increase apply?" History provides an indication of how such changes may be introduced. In Budget 2011, the new rates applied from Budget Day (8 December 2010). However, transitional measures allowed people avail of the lower rate if they had already entered into binding agreements when the Budget announcement was made. 

Persons who executed a transfer instrument on or after 8 December 2010 pursuant to a binding contract entered into prior to 8 December 2010 were permitted to avail of the lower rate. If the same approach applies in Budget 2018, purchasers who have already contracted may therefore continue to benefit from the historically low rate of stamp duty. Today may be a busy day for property lawyers!