In a widely expected announcement, the Irish Minister for Finance has announced an increase in Irish stamp duty rates on certain purchases of Irish houses. A new 10% rate of stamp duty will apply to the purchase of 10 or more residential houses. The charge will also apply to a situation where a person acquires 10 or more units on a cumulative basis over a 12 month period.
Apartments are fully exempt from this higher stamp duty as are multiple purchases by Local Authorities and Approved Housing Bodies.
Significantly, it will also apply in circumstances where multiple purchases of residential units are made indirectly through shares or units of investment funds. The detail of this charge is to be revealed but this measure appears to target sales of corporate entities or funds which hold residential property and will need to be closely monitored.
The Minister for Finance, Paschal Donohoe TD, will bring a Financial Resolution to the Dáil tomorrow (Wednesday) evening, which will impose a stamp duty charge of 10% on the multiple purchase of 10 or more residential houses. This higher charge, as well as applying to bulk purchases, will also apply to a situation where a person acquires 10 or more units on a cumulative basis over a 12 month period. Once triggered, the 10% rate will apply to all houses acquired in that 12 month period, including the first 9 purchases
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