John Cregan (Limerick West, Fianna Fail)
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Question 216: To ask the Minister for Finance the rates of stamp duty on private dwellings; the various thresholds; the amount it would cost if the €318,000 exemption level was given as an exemption against all sales, to all first time buyers and all buyers up to €500,000; and if he will make a statement on the matter. [27175/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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In the case of second-hand residential property, the rates of stamp duty are:

All owner occupiers can purchase a new home between 38sq. m and 125sq. m, where a Floor Area Compliance Certificate has been obtained, without a liability to stamp duty. Where a new house is over 125sq. m, stamp duty is charged on either the value of the site or 25% of the value of the property, whichever is the greater, using the rates listed above.

In the case of a non-owner occupier of a new home, stamp duty is charged at the rates applying to non-first-time buyers of second-hand residential property, ("Others" — listed above).

I am informed by the Revenue Commissioners that the estimated cost of extending the current stamp duty exemption of €317,500 to all residential property is €244 million in a full year, based on the 2005 stamp duty yield. The cost of charging stamp duty only on the difference between €317,500 and the purchase price of residential property up to €500,000 for all first buyers and other purchasers is estimated at €200 million in a full year, based on the 2005 stamp duty yield.