Amended to include the changes made by the 7 April 2009 Budget.

Charge to Tax

You are subject to stamp duty when you acquire property by deed, for example, by transfer, lease or mortgage (s 2).

You may also be charged stamp duty, in the form of a levy, on insurance premiums (s 125), charge cards and credit cards (s 114), and cash cards (s 123).

Rates of Tax (Deeds)

Transfers of land or buildings

You are subject to stamp duty at the following rates when land or buildings are conveyed or transferred to you by deed:

*New property within certain floor area limits may be exempt (see below).

**Transactions for which aggregate consideration remains below €127,000 are exempt.

If a property is transferred to you for less than full value (for example, a gift), stamp duty is charged on the market value (s 30).

Lease of land or buildings

When you acquire a leasehold interest in property, you pay stamp duty on both the rent and the premium.

Premium: You pay the same duty as would apply to a transfer of land or buildings, i.e., up to 9%.

Rent: If the lease is for a term which is indefinite, or for less than 35 years, the rate of duty is 1% of the average annual rent. But if the lease relates to a house or apartment, and the annual rent is less than €30,000, the lease is exempt.

If the lease is for a term between 35 and 100 years, you pay duty at 6% of the average annual rent.

If the lease is for a term exceeding 100 years, you pay duty at 12% of the average annual rent (Schedule 1).

Transfers of marketable shares or securities

You pay duty at 1% of the price paid for the shares. This rate also applies to electronic share trading transactions within the CREST system (Schedule 1).

A transfer for less than full value (for example, a gift of shares) is charged at market value (s 30).

Fixed duty

Fixed duty is charged (Schedule 1) as follows:

Exemptions

You are exempt from stamp duty when:

(a) You acquire new residential property from a developer as owner-occupier (s 91). The property must meet certain floor area conditions.

(b) You acquire property from your spouse (s 96). The exemption also applies when you acquire property from your ex-spouse under separation, divorce or nullity proceedings.

(c) As a company, you acquire property from a fellow company within a 90% corporate group (s 79).

(d) As a young trained farmer, you receive a transfer of land (before 31 December 2012) (s 81).

(e) As a company, you acquire property as part of a corporate reconstruction or amalgamation (s 80).

(f) As a charity, you acquire or transfer land (s 82).

(g) You acquire woodlands; duty is not charged on the value of the trees growing on the land (s 95).

(h) You acquire government stocks, aircraft and ships, wills, sheriff warrants, and State-owned property (Schedule 1).

Reliefs

You may be entitled to the following reliefs from stamp duty:

(a) Half the normal rate applies where property is transferred to you from a relative (parent, grandparent, step-parent, child, brother, sister, half-brother, half-sister, aunt, uncle, niece, nephew). This relief does not apply to leases (Schedule 1, Conveyance Heading, para 15).

(b) If your marriage has been dissolved by decree of judicial separation or divorce, you may be treated as a "first time purchaser" in relation to the first residence you acquire after the marriage break up (s 92B(8)).

(c) If you exchange land with another farmer to consolidate each other’s holding, stamp duty is charged on the difference in values (s 81B).

(d) If you buy and sell land to consolidate your own holding (s 81C).

Particulars Delivered

Your deed must be stamped with a “particulars delivered” (PD) stamp if it involves:

(a) a transfer of a fee simple,

(b) the grant of a lease for a term exceeding 30 years,

(c) assignment of a lease where the unexpired term exceeds 30 years.

The exceptions to this rule are:

(a) the creation of a joint tenancy between spouses, and

(b) conveyances and leases of houses to or by a housing authority.

Self Assessment

The person liable to pay the stamp duty is the accountable person. This means you as the person to whom the property is transferred, leased, or mortgaged (s 1).

Levies

From 1 June 2009, a new 1% levy will apply to life assurance premiums received by an insurer. The non-life insurance levy is increased to 3% (previously 2%). The increase applies to renewal premiums received on or after 1 June 2009 and new insurance business issued on or after 8 April 2009.

Revenue Powers

Administration

The Revenue Commissioners are responsible for the administration of stamp duties (s 137).

Collection

Duty

You must have your deed stamped within 30 days of its execution. If you seek adjudication (i.e., a Revenue opinion as to whether a deed is chargeable, or the amount of duty chargeable), you must pay the duty within 14 days of the notice of assessment (s 2).

Interest

You are liable to interest which accrues at 0.0322% for each day the duty is unpaid.

Surcharge

If you receive a gift of property (a voluntary disposition inter vivos), and you understate the value, you are liable to a surcharge (s 15) of:

(a) 25%, if the undercharge was greater than 15% but less than 30%,

(b) 50%, if the undercharge was greater than 30% but less than 50%, and

(c) 100%, if the undercharge was greater than 50%.

Penalties

If you do not pay stamp duty by the due date, the penalty (s 14) applicable is €30 plus:

(a) 10% of unpaid duty if less than six months late,

(b) 20% of unpaid duty if over six months but less than 12 months late,

(c) 30% of unpaid duty if over 12 months late.

If after claiming to be a first time purchaser of residential property, you derive rent from the property in the five year period following the transfer, you are liable to a penalty equal to the stamp duty saved (s 92A(3), s 92B(4)).

See INCOME TAX (Penalties) as regards enforcement of penalties.

Appeals

If you are aggrieved by a Revenue decision as to the value of land or buildings, you may appeal to the Land Values Reference Committee.

If you dispute an assessment, you may appeal to the Appeal Commissioners (s 21).