Finance Bill 2024 was recently published and contains the legislative proposals to implement the changes to the stamp duty announced by the Minister for Finance in his recent Budget speech. The revised rates on conveyances of residential property which apply from 2 October 2024 are as follows:
- 1 percent on consideration up to €1 million,
- 2 percent on the next €500,000 of consideration, and
- 6 percent on the balance.
Where the conveyance is in respect of three or more apartments in the same apartment block, the rates are 1 percent on the consideration up to €1 million and 2 percent on the on the balance. In addition, the higher rate of stamp duty that applies on certain bulk purchases of residential property (excluding apartments) has increased to 15 percent.
Readers should note that transitional measures apply the rates that were in force prior to 2 October 2024 to instruments executed between 2 October 2024 and 1 January 2025 where:
- there was a contract in place before 2 October 2024 that was binding, and
- the instrument contains a certificate to this effect.
LOADING...