Michael McGrath (Cork South Central, Fianna Fail)
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Section 31E of the Stamp Duties Consolidation Act (SDCA) 1999 was introduced by the Finance (Covid-19 and Miscellaneous Provisions) Act 2021. It provides for a higher 10% rate of stamp duty to be charged on the acquisition of residential properties situated in the State, excluding apartments, where a person acquires at least 10 such properties during any 12-month period.

I am advised by Revenue that, based on returns for the period since the commencement of the higher stamp duty rate of 10% in 2021, it has applied to the purchase of 172 properties in Cork.