Written answers
Wednesday, 11 July 2012
Department of Finance
Tax Code
9:00 pm
Seán Kenny (Dublin North East, Labour)
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Question 65: To ask the Minister for Finance the amount of stamp duty paid on new and second hand homes each year from 2001 to 2011; in the case of second hand homes the mechanisms in place to ensure that the correct house price values are declared for stamp duty. [33797/12]
Michael Noonan (Limerick City, Fine Gael)
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I am informed by the Revenue Commissioners that the available information with regard to the yield from 2001 to 2011 from stamp duty on residential properties is set out in the following table.
Year | €m |
2001 | 265 |
2002 | 349 |
2003 | 528 |
2004 | 752 |
2005 | 945 |
2006 | 1,311 |
2007 | 1,018 |
2008 | 445 |
2009 | 150 |
2010 | 107 |
2011 | 50 |
For the years 2001 to 2009 inclusive, Stamp Duty data on residential property transactions was not captured in such a manner that would enable a breakdown to be provided between second-hand and new residential properties. However, as the majority of new houses purchased were exempt from Stamp Duty — only new properties in excess of 125 square metres for owner-occupiers or new properties purchased as investments were liable to Stamp Duty — it could be reasonably assumed that the most of Stamp Duty paid in respect of residential property was from second-hand properties.
For the years 2010 and 2011, on the basis of information provided in Stamp Duty returns under the new e-Stamping system (introduced on 30 December 2009), it is estimated that the proportion of the total Stamp Duty yield on residential property arising from transactions in second-hand residential property in each of those years was 93% and 85%, respectively.
The Deputy will be aware that the exemption from stamp duties in respect of new houses and apartments was terminated with effect from 8 December 2010.
In all stamp duty declarations, including those for second-hand homes, Revenue accepts the value declared by taxpayers. In common with other taxes and duties, these declarations are subject to risk-based compliance interventions by Revenue, up to and including audit.
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