REA Seamus Carthy confirm that Budget 2018 contained changes to stamp duty rates for non-residential properties. The liability increased from 2% to 6%.
The Finance Bill covered transitional measures to allow purchasers to claim the 2% rate where a binding contract had been entered into prior to 11th October 2017.
The proposed transitional measures caused disruption for purchasers as they would then be required to come up with the additional 4% initially and claim this back, which caused considerable cash flow issues. After effective lobbying, the Revenue Commissioners confirmed that it will allow stamp duty for those outlined above to remain at 2%, so long as the sale closes by 1st January 2018.
The Stamp Certificate will not issue until the Finance Bill is enacted and the Land Registry has also confirmed that it will not reject a deed application where 2% had been paid on a qualifying deed.
Should you have any queries in relation to how these changes affect you please contact Seamus or Aishleen confidentially at REA Seamus Carthy on 090-6630001 or email info@reacarthy.ie
