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

The financial resolution passed by the Dáil on 19 May provides for a new higher stamp duty rate of 10% where at least ten residential units, excluding apartments, are acquired by an individual or corporate entity such as a company in any 12-month period. This new measure is triggered when a residential unit is acquired on or after 20 May 2021, with the look-back 12-month period commencing at that time on a rolling basis. The units acquired during that period are aggregated. When the tenth unit is acquired, it is chargeable at the 10% rate, and this rate also then applies to the other nine units and any other units acquired at the same time as the tenth unit. However, while any units acquired before 20 May are taken into account in establishing whether the threshold of ten units has been reached, the 10% rate of stamp duty is not applied to those units but only to units acquired on or after that date.

As the Deputy will be aware, multiple purchases by local authorities, approved housing bodies and the Housing Agency are outside the scope of the higher stamp duty provision. In this regard, he should also note that when putting this financial resolution on a permanent statutory footing, I propose providing an exemption from the 10% rate for the provision of the mortgage to rent scheme by private sector participants.

Finally, I am advised that the information sought by the Deputy in connection with forward purchase agreements is not collected by any Department. However, I will explore with the Minister for Housing, Local Government and Heritage whether it is possible to put in place a reporting regime for agreements of this nature.

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