Terence Flanagan (Dublin North East, Fine Gael)
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Question 110: To ask the Minister for Finance if a person (details supplied) in Dublin 17 who owns one third of a house and looks to buy out the remaining two thirds of the house, which is owned by their parents, is liable to stamp duty; and if he will make a statement on the matter. [5786/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Stamp duty is charged on the transfer of ownership of property by way of any instrument as specified under the First Schedule of the Stamp Duties Consolidation Act 1999. In this case, it appears that as ownership of an interest in a property is being transferred such a transaction, if effected by the execution of an instrument, could be liable to stamp duty under the provisions of the Stamp Duties Consolidation Act 1999.

The liability to duty of this instrument depends on certain conditions of the transfer and the circumstances of the purchaser. These conditions would be: 1. the value of the property or interest held in the property, and 2. the circumstances of the purchaser insofar as s/he is regarded as a first time buyer and owner-occupier.

With effect from 30th December 2009, a return must be completed in respect of the instrument in order to assess the charge to stamp duty and, on the payment of the stamp duty (if any), to obtain a stamp.