Emer Higgins (Dublin Mid West, Fine Gael)
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111. To ask the Minister for Finance if he has considered the business case for deferring stamp duty liability on properties that have been purchased by individuals, groups or businesses with the sole purpose of improvement in order to encourage investors to fix up older, less energy efficient stock for resale, thereby creating a green flipping business model; and if he will make a statement on the matter. [5983/23]

Michael McGrath (Cork South Central, Fianna Fail)
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Stamp Duty is a tax on certain instruments (written documents),  and it is chargeable on instruments that transfer land and buildings situated in Ireland. Such instruments are usually called ‘Deeds of Transfer’ or ‘Deeds of Conveyance’.

Stamp Duty is also chargeable on the following instruments:

- written leases of land and buildings situated in Ireland

- instruments that transfer shares or stocks of Irish companies (Stock Transfer forms)

- instruments that transfer property as a gift

- certain written agreements or contracts to transfer property

- certain written agreements to lease

- instruments that relate to Irish property or something done or to be done in Ireland, regardless of where they are executed.

A range of other stamp duties are also charged, though these do not impact on the acquisition of land or buildings.

The current rate of Stamp Duty on residential property is 1% on first €1 million of consideration and 2% on any excess.The current rate on non-residential property is 7.5% on the full consideration.  It is therefore assumed that the Deputy is referring to residential property in this question.

A refund scheme is available where non-residential land is bought and the 7.5% rate of stamp duty paid, and within a stipulated timeframe,  and also subject to a number of other conditions, is subsequently developed for residential purposes.  This can result in the net stamp duty paid on such property being 2% following a refund. 

However, I have no plans at this time to introduce a scheme of the type outlined by the Deputy in her question.