Prior to Budget 2011, first time buyers were exempt from paying stamp duty. However the new measures announced in the budget bring a change to stamp duty, so there will be a flat rate of 1% on all residential property transactions up to a value of €1 million.
with 2% applying to amounts over €1 million.
Stamp duty is not applicable to affordable homes. The following extract from Section 121 of the Finance Act 2008 amended the Stamp Duties Consolidation Act 1999 as follows:
121.— (1) The Principal Act is amended by inserting the following section after section 106A:
“106B.— Stamp duty shall not be chargeable on any instrument giving effect to the conveyance, transfer or lease of a house, building or land by or to -
(a) a housing authority in connection with any of its functions under the Housing Acts 1966 to 2004, or
(b) the Affordable Homes Partnership established under article 4(1) of the Affordable Homes Partnership (Establishment) Order 2005 ( S.I. No. 383 of 2005 ) in connection with the services specified in article 4(2) of that order, as amended by the Affordable Homes Partnership (Establishment) Order 2005 (Amendment) Order 2007 (S.I. No. 293 of 2007).”.