Michael McGrath (Cork South Central, Fianna Fail)
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Question 86: To ask the Minister for Finance the position regarding stamp duty (details supplied). [3151/11]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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As the Deputy is aware, I announced in Budget 2011 a major reform of the charge to Stamp Duty on residential property transactions, which applies to all instruments executed on or after 8 December 2010. These changes have simplified the system by lowering the rates applicable and abolishing a number of exemptions and reliefs. The changes in rates are as follows: Stamp Duty rates on transfers of residential property up to 7 December 2010

New Stamp Duty rates on transfers of residential property from 8 December 2010

Aggregate Consideration Rate of Duty

In order to broaden the tax base, a number of reliefs and exemptions have been abolished as follows:

- First Time Buyer's Relief;

- Relief from Stamp Duty on new houses under 125 sq metres;

- Reduced Stamp Duty on new houses over 125 sq metres

- Consanguinity relief in respect of residential property transfers;

- Exemption for residential property valued under €127,000; and

- Site to child relief.

There is also a transitional measure in place, for circumstances where the effect of these changes is to increase the Stamp Duty payable on the transaction. Stamp Duty can be paid under the old regime where a binding contract is in place before 8 December 2010 and the instrument is executed before 1 July 2011.

Accordingly, if the case to which the Deputy refers satisfies these conditions, Stamp Duty can be paid under the old rates, if this would result in a lower liability. If further clarification by reference to an actual case is required, this can be obtained by presenting the Revenue Commissioners, Dublin Stamping District, Dublin Castle, Dublin 2 with the exact details of the disposal and execution of the instrument.