Stamp duty on commercial property transactions will increase from 6% to 7.5%

Stamp duty on commercial property transactions will increase from 6% to 7.5%

The Minister for Finance announced a significant change to stamp duty rates on 8 October 2019 in the Irish Budget 2020.

There is no change to the rate on residential property but stamp duty on commercial property transactions will increase from 6% to 7.5%.

Residential land and buildings is defined in the Taxes Consolidation Act 1999 as;

(a) a building or part of a building which, at the date of the instrument of conveyance or lease—
(i) was used or was suitable for use as a dwelling,
(ii) was in the course of being constructed or adapted for use as a dwelling, or
(iii) had been constructed or adapted for use as a dwelling and had not since such construction or adaptation been adapted for any other use.

(b) the curtilage of the residential property up to an area (exclusive of the site of the residential property) of one acre;

Johnson & Company Solicitors

The Business Centre,
Ballinlough Road,
Cork,
Co Cork.
Eircode: T12 A2XR

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Telephone: 021 484 77 71

E-mail: enquiries@johnsonsolicitors.ie

 

Directions

Johnson and Company’s office is located at Ballinlough Road, just off the Douglas Road in Cork City’s southside.

Our location makes us quickly accessible to clients based in Cork City and County, being close to the city centre, Douglas Road, Booreenmanna Road, South Link Road and South Ring Road. Free parking available to clients in our car park.

       

 

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