On 19 May 2021 a higher 10% rate of stamp duty was introduced on the acquisition of certain residential property which rate applies to the acquisition of certain residential units (but not apartment blocks) where the person acquires at least 10 such units in a 12 month period.
The increase in the stamp duty rate was effected by a Financial Resolution with effect from 19 May 2021 followed by the Finance (Covid -19 and Miscellaneous Provisions) Act 2021 which came into effect on 19th July 2021. The relevant legislative provisions are now in Section 31 E Stamp Duties Consolidation Act (as amended) (SDCA).
In September 2021 the Revenue Commissioners issued eBrief 165/21 which contains updates to the Tax Duty Manual (TDM) setting out guidance on various aspects of the operation of the new Section 31 E SDCA including guidance on the operation of the aggregation rules, the valuation of the relevant residential property, the application to situations where residential property is acquired via an acquisition of a corporate entity and the interaction of Section 31 E with certain other provisions of the stamp duty code. The updates to the TDM can be accessed here.
For further details please contact Emmet Scully at email@example.com.
We regularly publish useful content on a wide range of legal and business topics. Please click the button below if you would like to receive these by email.Subscribe