Róisín Shortall (Dublin North West, Labour)
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Question 159: To ask the Tánaiste and Minister for Finance the steps he will take in relation to the reform of Stamp Duty; and the way he will compensate those first time buyers who paid huge sums in stamp duty immediately prior to the change in Government policy on the basis of statements by him that there would be no change in the applicable Stamp Duty rates. [16835/07]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The recently published Finance (No. 2) Bill 2007 introduces an exemption from stamp duty for first-time buyers in accordance with the commitments made in the Programme for Government to bring about immediate change to the stamp duty code for first-time buyers.

This provides that deeds presented by first-time buyers to the Revenue Commissioners on or after 30 April 2007 will be exempt from stamp duty. As a deed must be presented to the Revenue Commissioners within 30 of execution, the Bill is drafted to provide for exemption for deeds executed on or after 31 March 2007. The Revenue Commissioners will refund any monies already paid on deeds that benefit from the exemption.