Finance Act No 2
Stamp Duty Exemptions
The Finance (No. 2) Act 2007 was signed into law on Monday 9 July 2007. This new Act provides that all first-time purchasers of new houses/apartments in excess of 125 sq. metres and all first-time purchasers of second-hand houses/apartments, as owner-occupiers, will be eligible for a stamp duty exemption. There already exists a stamp duty exemption for all owner-occupiers who purchase a new house/apartment of 125 sq. metres or less. Therefore there is now a total exemption from Stamp Duty available to all first time buyers.
The Act also provided that refunds are available for instrument executed on or after the 31st March 2007. Therefore if you are a first time buyer and you purchased a house on or after the 31st March, you are entitled to a refund of all the stamp duty that you paid to revenue. The process for claiming a refund or exemption is detailed in the Act and you should discuss the matter with your solicitor if you feel you are entitled to a refund.
However it is important to note that to qualify for the first time buyer relief, all parties involved in the purchase must be first time buyers. Therefore if a married couple are purchasing a house, and one spouse has previously had an interest in a property, then the couple are not entitled to Stamp Duty exemption. Your solicitor will be able to advise you as to whether you will qualify, as well as any other exemptions and reliefs that may be available to you.
For further information
If you require any information relating to this piece of legislation, please contact Malcomson Law by calling 01 8744422 or complete an Online Enquiry Form. A solicitor who specialises in this area will contact you to advise you of your legal rights and entitlements.