Gerard Murphy (Cork North West, Fine Gael)
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Question 127: To ask the Minister for Finance if a person will be exempted from paying stamp duty on purchasing a new house, details supplied. [33656/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The Deputy will be aware that there are a number of incentives in place to assist owner-occupiers in purchasing residential property. There is no stamp duty on the purchase of new residential property for owner-occupiers where the dwelling is not greater than 125 square metres and complies with certain conditions with regard to building standards. If the property is over 125 square metres, stamp duty is charged on the site value or one-quarter of the total value of the property, whichever is the greater.

Also, I introduced a stamp duty-relieving measure in the 2005 budget for first-time house purchasers who are owner-occupiers of second-hand houses by increasing the stamp duty exemption threshold for such purchasers from €190,500 to €317,500 and by having reduced rates for house values up to €635,000.

Mortgage interest relief is also available at source in respect of interest paid on monies borrowed for the purchase, maintenance, repair or improvement of that taxpayer's main residence. From 1 January 2003, a first-time mortgage holder can claim 100% tax relief for the first seven years — five years prior to 1 January 2003 — of the mortgage at the standard rate of tax — currently 20% — on the interest paid within the following limits: €8,000 — for a married couple, who are jointly assessed for tax; €8,000 — for a widow or widower and €4,000 — for a single person. Apart from those outlined above, there are no exemptions from stamp duty on residential property for specific categories of taxpayers and I have no plans to introduce such exemptions.