Budget 2012

Commercial property

In an effort to stimulate the commercial property market, the rate of stamp duty on non-residential property has been significantly reduced from a top rate of 6% (on transfers exceeding €80k) to a flat rate of 2%.

This new 2% rate will not only apply to transfers of commercial & industrial land and buildings, but also to farmland and transfers of business assets such as goodwill, debtors, contracts, etc. The new rate will also apply to premiums paid on leases of commercial buildings.

The 2% rate will apply to instruments (e.g. deed of conveyance / lease for immovable property, asset purchase agreement for business assets) executed on or after 7 December 2011.

Where the new flat rate would give rise to a higher stamp duty charge (e.g. on transactions not exceeding €20k in value which are currently liable to 0% or 1% duty), stamp duty will be payable at the old rate provided certain conditions are met.

Relief for transfers within families

The special 50% stamp duty reduction for transfers within families, which was removed for transfers of residential property in Budget 2011, is to be totally abolished from 1 January 2015.