Written answers
Wednesday, 28 February 2024
Department of Finance
Tax Yield
Alan Kelly (Tipperary, Labour)
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29. To ask the Minister for Finance the cost of abolishing stamp duty on first time buyers of homes of less than €385,000. [9532/24]
Michael McGrath (Cork South Central, Fianna Fail)
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I am advised by Revenue that, based on stamp duty returns for 2023, the latest year for which fully analysed data are available, the estimated cost of abolishing stamp duty for first-time buyers of homes of less than €385,000 is in the order of €31 million.
This estimate is arrived at by taking the stamp duty returns for residential property purchases made by persons identifying themselves as first-time buyers, where the consideration was less than the suggested threshold, and taking the associated tax liability as the potential cost of exempting them from the duty.
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