New 10% stamp duty on cumulative purchase of 10 or more houses 30 November 2021

RMcH states: The Government recently presented a financial resolution to the Dáil that increases the rate of stamp duty applicable to the bulk purchase of residential units in Ireland.

 The resolution was passed by the Dáil without a vote.

The resolution inserts a new Section 31E in the Stamp Duty Consolidation Act 1999 to provide for a 10 percent stamp duty charge on the multiple purchase of 10 or more residential houses on a cumulative basis over a 12-month period.

The new section applies to acquisitions of houses on or after 20th May 2021. On the advice of the Attorney General’s office, there is a requirement for a 3-month transition period for execution of contracts that have been entered into but not completed prior to the commencement of the Financial Resolution.

The higher stamp duty charge takes effect once a 10th property is purchased in a 12-month period and will apply to all houses acquired in that period, including the first nine houses. 

 Units purchased before the resolution was commenced are counted towards triggering the 10-house threshold and the higher stamp duty rate will apply to those houses bought after the commencement of the resolution.

Apartments are fully exempt from this higher stamp duty as are multiple purchases by Local Authorities, Approved Housing Bodies.

 Source: www.gov.ie