Stamp duty guidance updated for Finance Act 2024

The rates of Stamp Duty applying to the acquisition of residential property were increased by section 90 Finance Act 2024 and apply to instruments executed on or after 2 October 2024.

The revised standard rates are:

• 1 percent on the consideration up to €1 million,
• 2 percent on any consideration exceeding €1 million up to €1.5 million, and
• 6 percent on any consideration exceeding €1.5 million.

This section also provides that the new 6 percent rate will not apply on the acquisition of three or more apartments in the same apartment block.

In addition to the standard rates, the higher rate of stamp duty to be charged on the acquisition of 10 or more residential properties, excluding apartments, in any 12-month period, increased from 10 percent to 15 percent.

The following Stamp Duty Manuals have been updated to reflect these changes:

• guidance on shares deriving value from immovable property situated in the State under Section 31C SDCA 1999,
• Schedule 1 – stamp duties on instruments,
• Section 83DA - repayment of stamp duty under affordable dwelling purchase arrangements,
• Section 83DB – repayment of stamp duty in respect of certain residential units, and
• Section 31E – stamp duty on certain acquisitions of residential property.

In addition to the above, Notes for guidance - Stamp Duty 2024 have been published, which reflect the Finance Act 2024 changes to the Stamp Duties Consolidation Act 1999.