Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The refundable rate will continue to be 2%. The stamp duty rate will increase from 6% to 7.5% but the refundable rate of 2% will remain unchanged. That is dealt with in section 55.

On the question about the impact of the scheme, early indications are that it is working well and as expected. Of the applications thus far received, 911 have been successful, of which 839 related to the construction of one-off homes and housing, which I expected and acknowledged when I introduced the change in the Bill. The remainder of the applications - 72, or 8% of the total - were for multiple housing units. Revenue records confirm that a total of 2,478 individual units were planned and have been claimed for and refunded as of 4 November 2019.

Some concerns have been raised by developers about the criteria, which they claim are onerous. Any criteria with which I am ever associated always seem to be onerous for those seeking to claim them but these conditions are needed.

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I am aware of these concerns and the Revenue Commissioners continues to monitor developments. However, given that the scheme applies to instruments transferring land that were executed from 11 October 2017 and construction work does not have to commence until 13 months after the date of execution, it is probably too early to be able to assess whether the efficiency criteria are overly onerous.

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