What Is Stamp Duty?

What Is Stamp Duty in Ireland?

Stamp duty is a tax levied by the Irish government on the transfer of property ownership. It is a mandatory part of the property-buying process and applies to both residential and non-residential properties. The amount of stamp duty you pay is calculated as a percentage of the purchase price of the property.

Key Details About Stamp Duty in Ireland:

Residential Properties: For most residential properties, the stamp duty rate is 1% on the first €1 million of the property’s value and 2% on any amount above €1 million.

Non-Residential Properties: The rate for non-residential properties, such as commercial or agricultural land, is higher and subject to different rules.

First-Time Buyers: There are no specific exemptions for first-time buyers, but other incentives, such as the Help-to-Buy scheme, may reduce overall costs.

Why Is Stamp Duty Important?

Stamp duty is a legal requirement to finalize the transfer of property ownership. It ensures that the property / home purchase is registered and that the transfer is recognized under Irish law. Failure to pay stamp duty on time could result in penalties or delays in registering your ownership with the Land Registry.

This information is meant to be helpful but you should always confirm details about your property purchase with your solicitor. Contact Beam at info@letsbeam.ie for more information.