Legislation to give effect to stamp duty rise published

Legislation to give effect to the Government’s planned increase in stamp duty on non-residential property transactions has been published.

The Finance Bill 2017, published by Finance Minister Paschal Donohoe, provides for an increase in the rate from 2 per cent to 6 per cent.

It includes agricultural land, but extends consanguinity relief for another three years with no qualifying age limit. The stamp duty rate applying under that scheme is fixed at 1 per cent.

The Finance Bill also provides for transitional arrangements whereby commercial property deals signed prior to 11 October are not liable for the new stamp duty rate, provided that the relevant conveyances or transfers are completed by the end of the year.

An announced rebate from stamp duty on development land will be introduced by way of a Government amendment at committee stage.s

Mr Donohoe said: “Today’s publication of the Finance Bill 2017 provides the necessary legislative foundation for implementing the tax measures announced on Budget Day.

“In line with our commitment to Budgetary reform, it has been published as soon as possible after Budget Day.

“It now moves forward to be debated in the Dáil and Seanad and I anticipate a constructive discussion on the Bill over the coming weeks with my parliamentary colleagues.”