Niall Collins (Limerick County, Fianna Fail)
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154. To ask the Minister for Finance if he can review and advise on a matter (details supplied); and if he will make a statement on the matter. [34771/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the details supplied with this question note, a Financial Resolution was passed by the Dáil on 19 May 2021 which provides for a new higher stamp duty rate of 10% where at least 10 residential units (excluding apartments) are acquired by an individual or a corporate entity in any 12-month period. This new measure is ‘triggered’ when a residential unit is acquired on or after 20 May 2021, with the ‘look-back’ 12-month period commencing at this time on a rolling basis. The units acquired during that period are aggregated. When the 10th unit is acquired, it is chargeable at the 10% rate and this rate also then applies to the other 9 units and to any other units acquired at the same time as the 10th unit. However, while any units acquired before 20 May 2021 are taken into account in establishing whether the threshold of 10 units has been reached, the 10% rate of stamp duty is not applied to these units but only to those units acquired on or after this date.

Multiple purchases by Local Authorities, Approved Housing Bodies, and the Housing Agency are outside the scope of this new higher stamp duty rate.

In this regard, you should also note that the legislation to put the measure set out in the May 19th Financial Resolution on a permanent statutory footing is included in the Finance (Covid-19 and Miscellaneous Provisions) Bill 2021,which was published last week and is due to have its second stage in the Dáil later this week. In that Bill I have included an additional exemption from the 10% rate where a lease is immediately entered into with a housing authority for the purpose of the provision of social housing support to a qualified household. In other words, it facilitates the provision of the mortgage to rent scheme by private sector participants.

Additional possible exemptions are currently being examined, and if any are identified as warranting inclusion in the legislation, they will be provided for as soon as it is practical to do so. These however will only be provided for following consultation with the Minister for Housing, Local Government and Heritage and the Revenue Commissioners.