Finian McGrath (Dublin North Central, Independent)
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Question 194: To ask the Tánaiste and Minister for Finance if persons (details supplied) will be supported. [3294/08]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The stamp duty code does not contain any provisions that would allow for an exemption or reduced rates in the circumstances described.

I would point out, however, that all owner-occupying purchasers of new residential property are exempt from stamp duty where the property has a floor size of 125 square metres or less. Where the property is bigger than 125 square metres, stamp duty is only charged on the greater of the site value or 25% of the property value.

Furthermore, in the recent Budget, I announced a fundamental change to the stamp duty system for residential property which reduces the Stamp Duty burden for all purchasers of residential property.

Purchases of residences with a value of less than €1 million will be charged to stamp duty on the basis that no tax will be payable on the first €125,000 of the consideration and the balance will be charged at 7%. A rate of 9% on the portion of the price in excess of €1 million is charged.