Wednesday, 17 November 2010
Department of Finance
I am advised by the Revenue Commissioners that Stamp Duty is charged on the instrument transferring ownership of property and the rate of duty is determined by, among other things, the nature of the property on the date of execution of the deed transferring ownership of that property. In relation to the transaction in question, it appears that the property purchased was non-residential property – an old schoolhouse. As this was the nature of the property on the date of execution of the deed of transfer, the rates at which duty is charged are those applicable for non-residential property. The intended change of use of a property after its purchase does not determine either the nature of the property for Stamp Duty purposes or the rate of stamp duty charged. Furthermore, first time buyer relief can only be claimed in respect of residential property.