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Stamp Duty
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Finance Minister Brian Cowen has announced cuts in stamp duty on property during his fourth Budget speech in the Dáil.
The new measures - which come into immediate effect - mean that houses valued at less than €1m will cost the buyer no stamp duty for the first €125,000, with the remaining €875,000 charged at 7%. Any house valued at over €1m will be taxed at 9%.
Example
Say you pay €250,000.00 for your residential property, in the old scheme you would have paid 4% i.e €10,000.00
Under the new scheme the first €125,000.00 is exempt so you will pay 7% of the balance - €125,000.00 i.e €8,750.00
Total saving €1,250.00
Remember if you are a first time buyer, you are exempt from stamp duty ‘full stop’
For further details please contact one our qualified team to assist you with any queries.