Stamp Duty

5. STAMP DUTY

Stamp Duty Rates There is no change in the rate of Stamp Duty applicable to residential or non-residential property. Zoned Land Tax Budget 2022 announced a new residential Zoned Land Tax to encourage the use of land for building homes. The Minister announced that the primary objective is to increase the supply of residential accommodation rather than to raise revenue. By 1st November 2022 the Local Authorities will publish the first draft maps to identify zoned land. The tax will be based on the market value of the land and will be applied at a 3% rate from the outset. Landowners will have an opportunity to apply to their Land Authority to have the zoning status of their land amended. Once the tax is introduced it will replace the vacant site levy. Extension of Residential Development Stamp Duty Refund Scheme The date at which projects wishing to avail of this scheme must commence construction is being extended from 31 December 2022 to 31 December 2025. This is a refund scheme whereby portion of the stamp duty paid on the acquisition of nonresidential land is refunded where that land is subsequently developed for residential purposes. The net minimum stamp duty payable after a refund is 2% (the normal rate for non-residential property is 7.5%). Extension of the Bank Levy This levy, due to expire at the end of 2022, is being extended to the end of 2023.