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Purchase of a Home

1. Stamp Duty on Residential Property

Purchase Price First Time Buyers if owner occupiers Owner Occupiers
Up to ?125,000 Exempt Exempt
?125,001 - ?1,000,000 Exempt 7.00%
Balance Exempt 9.00%

Examples

Purchase Price Stamp Duty Calculation Stamp Duty Due
(to nearest ?)
?100,000 Under ?125,000 Nil
?325,000 ?125,000 @ Nil Nil
  ?200,000 @ 7% ?14,000
?650,000 ?125,000 @ Nil ?36,750
  ?525,000 @ 7% ?36,750
?1,100,000 ?125,000 @ Nil ?70,250
  ?875,000 @ 7% ?61,250
  ?100,000 @ 9% ?9,000

Contents

The contents of residential property will no longer be taken into account in determining stamp duty liability on the consideration attributed to that residential property.

 

Example

House and contents purchased for a sum of ?400,000, apportioned as to ?370,000 to the house and ?30,000 to the contents. Stamp duty is calculated on the amount of ?370,000 without regard to the sum of ?30,000 for the contents

 

Purchase Price of House Stamp Duty Calculation Stamp Duty Due
     
?370,000 ?125,000 @ Nil Nil
  ?245,000 @ 7% ?17,150

2. Stamp Duty on Land and Sites

Purchase Price First Time Buyers Owner Occupiers
Up to ?10,000 0% 0%
?10,001 - ?20,000 1% 1%
?20,001 - ?30,000 2% 2%
?30,001 - ?40,000 3% 3%
?40,001 - ?70,000 4% 4%
?70,001 - ?80,000 5% 5%
?80,001 - ?100,000 6% 6%
?100,001 - ?120,000 7% 7%
?120,001 - ?150,000 8% 8%
?150,000 9% 9%

Stamp duty for the purchase of land and sites is based solely on the price and there are no reductions for first-time buyers or owner-occupiers

3. Open New Folio. ?60

 

4. Open New Leasehold. ?85

 

5. Voluntary Transfer. ?85

 

6. Stamp Duty on Deed of Variation ?12.50

 

7. Registration of Transfer in Land Registry

For properties between ?51,000 and ?255,000         ?375

For properties between ?255,000 and ?385,000       ?500

For properties over ?385,001                                ?625

 

8. Registration of Mortgage in Land Registry ?125

 

9. Folio and File Plan ?25

 

10.Registry of Deed fee on Purchase. ?50

     Mortgage Deeds ?50

 

11. Commissioner for Oaths fee ?50

 

12. Legal Searches ?150

 

13. General Charge for postage and incidentals ?90      plus Vat

 

Please note that the above is a general guide; you will be provided with a full breakdown of the costs pertaining to your particular circumstances by your solicitor prior to closing.

 

Who is a First Time Buyer?

A first time buyer is a person:

  • Who has not on any previous occasion, either individually or jointly, purchased or built on his/her own behalf a house (in Ireland or abroad) and
  • Where the property purchased is occupied by the purchaser, or a person on his/her behalf, as his/her only or principal place of residence and
  • Where no rent, other than rent under the rent-a-room scheme, is derived from the property for five years after the date of the purchase
  • A separated or divorced person can be deemed to be a first time buyer.

When is Stamp Duty Payable?

Stamp duty is payable on the closing of a sale. Your solicitor will calculate the exact stamp duty due and will pay this amount to the Revenue Commissioners on your behalf. Penalty duty is charged if deeds are not stamped on time.

 

Mortgage Interest Tax Relief

You may be entitled to mortgage interest relief which is granted at source i.e. by the lender. TRS (Tax Relief at Source) means that the borrowers account will be debited with the amount of the full mortgage repayment when due and credited at the same time with the amount of interest relief. This relief is available for up to 7 years.

 

The relief is limited to the standard rate of 20% and monetary limits also apply as follows:

 

Personal Status First Time Buyers Non-First Time Buyer
Single maximum ?2,000 ?600
Married maximum ?4,000 ?1,200
Widow(er) maximum ?4,000 ?1,200


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