Eoghan Murphy (Dublin South East, Fine Gael)
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Question 91: To ask the Minister for Finance if a reduction in stamp duty on commercial properties has been considered to bring Irish rates in line with the 1% rate charged in London. [22118/11]

Michael Noonan (Limerick City, Fine Gael)
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The top rate of non-residential Stamp Duty was reduced from 9% to 6% in 2008. (The Deputy may be aware that residential Stamp Duty rates were reduced in December 2010 to 1% on consideration up to €1 million and 2% on the balance over 1 million.) The Stamp Duty Land Tax rate in the UK is not a straightforward 1% across the board. The charge can be up to 4% and the rate charged depends on a number of factors, including whether a property is freehold or leasehold, and whether the property is residential, non-residential or mixed-use. Also, the purchase of a new lease with a substantial annual rent may attract an additional Stamp Duty Land Tax charge. It is, therefore, a more complex tax than our Stamp Duty on transfers of non-residential property, where the primary factor that determines the rate is the consideration for the property.

Any potential taxation changes will be determined in the context of the Budget and Finance Bill and following the comprehensive spending review.