Stamp Duty Explained


Stamp duty is a tax charged by the government on the document that deals with the sale/transfer/lease of property. It is payable by the recipient of the property.

How much is Stamp Duty?
The amount is based on the type of property i.e. is a residential or non-residential property, and the market value thereof.
Residential Property: It is calculated at 1% of the selling price up to €1 million, for amounts above €1 million you will be charged 2%.
Non-Residential Property: The 2% rate of stamp duty on non-residential property has increased to 6% with effect from midnight on 10 October 2017.

Gifted or Inherited Property
Property is transferred to you as a gift if:

– You do not pay for it –stamp duty is charged on the market value of the property.

– The amount you pay is less than the market value–stamp duty is charged on the market value of the property e.g.  if a property is valued at €75,000 but you are only paying €60,000for it,you still pay stamp duty onthe market value i.e.€75,000.

– It is transferred to you and you are married to the owner–no stamp duty is payable between spouses

– Where a property is transferred on inheritance, no Stamp Duty is payable.

Farm Transfers
Young Trained Farmer Relief;
Section 81AA of the Stamp Duties Consolidation Act, 1999 provides an exemption from stamp duty where agricultural land, including such farm buildings, farm houses occupied therewith are conveyed or transferred to a young trained farmer.The parties to the Deed do not have to be related for the relief to apply.
To be a young trained farmer, an individual must show that he or she was under the age of 35 at the date of signing the Deed (Transfer) and that he or she has completed a qualifying farming course.The young trained farmer must also furnish a Statutory Declaration confirming the intention to spend not less than 50% of his or her normal working time farming the land.

How to Apply
Your Solicitor will calculate how much Stamp Duty is due and request this from you before the sale/transfer/lease is complete. The amount is paid to the Revenue Commissioners who issue a stamp certificate. A Deed cannot be registered without a stamp certificate. There are other exemptions/reliefs from stamp duty which, if applicable, your Solicitor will advise you about.

 Please contact us should you require further advice