Taxation & Stamp Duty

TRS Rates

The ceilings that are available for mortgage TRS, are dependant on the status of the individual, that is, whether they are married or single and whether they are first time buyers or not.

The higher limits for first-time buyers apply for the tax year in which the first mortgage interest payment is made plus six subsequent tax years. The rates of relief that are available for mortgage TRS, are dependant on the status of the individual, that is, whether they are first time buyers or not.

Stamp Duty

Residential Property

Budget 2011 changed the rules on stamp duty on residential property. The rates were reduced and all existing reliefs and exemptions were abolished. For properties valued up to €1 million, the new rate is 1% of the full value. For properties valued over €1 million the rate of 1% applies to the €1million and a rate of 2% applies to the balance. The new rates apply to instrucments of transfer dated on or after 8 December 2010.

Non-residential property

Stamp duty is also payable on land/housing sites without residential buildings. Where your agreement to buy a site is linked to a construction contract, stamp duty may be payable on the full amount of the site ps the construction contract.