Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
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Question 47: To ask the Minister for Finance if purchasers of affordable homes are now liable for stamp duty; if so, the reason for this change in the law; and if he will make a statement on the matter. [8849/11]

Michael Noonan (Limerick City, Fine Gael)
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Finance Act 2011 reduced the rate of Stamp Duty on residential property to 1% on properties valued up to €1m and 2% on the balance of any transaction in excess of €1m. As part of this change, a number of reliefs and exemptions were abolished to broaden the tax base and to commence the necessary infrastructure for the commitment in the Memorandum of Understanding with the ECB, EU and IMF to introduce a Site Valuation Tax. Section 64 of Finance Act 2011 removes the exemption on a conveyance of property by or to a housing authority or the Affordable Homes Partnership. Accordingly, documents effecting such transfers now have to be presented to Revenue for stamping. However, the Stamp Duty payable is limited to a maximum amount of €100. The amendment takes effect for conveyances executed on or after 1 April 2011.