What is Stamp Duty? And when do I need to pay stamp duty in Ireland?

Question:

Answer:

Stamp Duty is a tax required by the government for property transactions and is calculated based on the purchase price of the property.

Stamp duty is an essential part of the home buying process in Ireland, and its payment must be carefully coordinated to ensure the smooth completion of your property purchase.

Here’s how it works:

Timing of Payment: Although stamp duty is officially paid to Revenue on the day the sale is finalised, your solicitor needs to confirm to your lender that the funds are available before they can draw down your mortgage.

When to Transfer Funds: To facilitate this, you must transfer the stamp duty amount to your solicitor at least 7 days before the completion date. This ensures your solicitor can hold the funds in their account and provide the necessary confirmation to your lender.

By transferring the funds to your solicitor on time, you can avoid any delays in the mortgage drawdown process and ensure your purchase proceeds as planned. Your solicitor will guide you on the exact amount and timing to ensure compliance with all legal requirements. For more information visit letsbeam.ie

What is Stamp Duty? And when do I need to pay stamp duty in Ireland?

Was this article helpful?

Thanks for the feedback!