Michael McGrath (Cork South Central, Fianna Fail)
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Stamp duty applies to the acquisition of residential property at a rate of 1% on the transfer of ownership of property with a value of up to €1m and 2% on any balance over €1m.

The bulk purchase of houses (not apartments) i.e. the acquisition of 10 or more in any 12-month period, triggers a 10% stamp duty rate. If triggered, it will also be applied to all of the up to 9 houses purchased previously in that 12-month period. Certain conditions and a number of exemptions and refund schemes apply to this rate on bulk acquisitions.

I am advised by Revenue that, based on stamp duty returns for 2023, the latest year for which fully analysed data are available, the estimated cost of abolishing stamp duty for first-time buyers of residential properties valued at less than €500,000 is in the order of €43 million.

This estimate is arrived at by taking the stamp duty returns for residential property purchases made by persons identifying themselves as first-time buyers, where the consideration was less than the suggested threshold, and taking the associated tax liability as the potential cost of exempting them from the duty.