Question Stamp Duty Refund Scheme

Discussion in 'Budget 2019' started by dubrov, Oct 21, 2017.

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  1. dubrov

    dubrov Frequent Poster

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    I am in the process of buying a site to build a residential house but have recently become aware that all sites are classed as non-residential property for the purposes of stamp duty.

    In the last budget, the minister was announced that the non-residential rate was increasing from 2% to 6%. I am buying a site in Dublin where the site cost makes up roughly 50% of the build cost so this is quite an increase.

    The minister also announced that he would implement a stamp duty refund scheme and this is the exact text.

    https://beta.oireachtas.ie/en/debates/debate/dail/2017-10-10/4/

    Unfortunately the Finance bill has been published but made no reference to the refund scheme so apparently this will be addressed by committee.

    Richard Bruton proposed amendments to the Stamp Duty Consolidation act on the same day and mentioned the following:

    https://beta.oireachtas.ie/en/debates/debate/dail/2017-10-10/8/

    This "two thirds" refund would effectively bring the total stamp back to the previous rate of 2% of the site cost for self builds.

    Is this refund scheme is likely to be back dated to October 10th and also would it apply to private individuals as well as building companies?

    Thanks
     
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