Seán Fleming (Laois-Offaly, Fianna Fail)
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Question 103: To ask the Minister for Finance if he will examine the position regarding stamp duty in situations in which, for example, two siblings jointly own a house and there is a mortgage of approximately €200,000 on the property but the value of the house is now €100,000 and one sibling wishes to take over the entire ownership of the house and the transfer value of 50% is deemed to be €50,000 but stamp duty of €500 is payable; his views on this situation in view of the negative equity in these cases; his plans to change the legislation to ensure that no stamp duty is payable in these types of cases in negative equity; and if he will make a statement on the matter. [23481/11]

Michael Noonan (Limerick City, Fine Gael)
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The Stamp Duty rate on residential property transfers was reduced in Budget 2011 while some reliefs and exemptions were abolished. This broadened the tax base while lowering the rate of Stamp Duty for most purchasers. All purchases of residential property valued under €1 million in value are now only liable for stamp duty at 1%, with any balance over €1 million liable at 2%. Even where a transfer was previously relieved or exempted from Stamp Duty the overall transaction cost is now lower than in recent years. Stamp Duty on property transfers is calculable by reference to the value of the property on the date of transfer, regardless of any mortgage or loan outstanding. No account is taken of whether the property was previously transferred at a higher or lower value – to do so could lead to complications. I have no plans at this time to make further changes to the residential Stamp Duty regime.