Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if stamp duty on residential homes will be abolished if a property tax is introduced. [38349/12]

Michael Noonan (Limerick City, Fine Gael)
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The Government has no plans to abolish Stamp Duty on transfers of residential property. Stamp Duty on property co-existed with domestic rates before their abolition in 1978; and in many jurisdictions (including those with similar legal systems, such as the UK and the USA, and those with similar sized property markets, such as Denmark and the Netherlands) an annual residential property tax exists in conjunction with a transactions-based tax which operates in a similar manner to Stamp Duty. The Deputy will note that the rate of Stamp Duty on the vast majority of residential properties is 1% compared to a high of 9% as recently as 2010.