What is stamp duty on property?

What is stamp duty? Discover what stamp duty means in Ireland, rates that apply & how much to pay for a new or existing property as a first time buyer.

Stamp Duty is a tax that you pay to the Government when you become a property owner.

What kinds of property does Stamp Duty apply to?

We usually think of Stamp Duty applying to houses and apartments, so-called residential property, but it also applies to land and commercial buildings and also payment mechanisms such as debit and credit cards and cheques.

Start your Mortgage application

Does Stamp Duty only apply to new builds?

Stamp Duty applies to new and second-hand property and it applies every time you become a property owner.

In other words, you don’t just pay it the first time you buy a property , you pay it each time you purchase property.

Is Stamp Duty only payable when you buy a property?

No, Stamp Duty is also due when you are gifted a property or inherit it.

How much Stamp Duty will I have to pay?

The current rates are 1% on the first €1 million paid for a residential property and 2% on anything above €1 million.

For example, if you buy a house for €1.2 million, you will pay €10,000 (1%) on the first 1 million and €4,000 (2%) on the remaining €200,000.

Where vat applies (i.e. for a new build property) the Stamp Duty is calculated on the property price excluding vat.

When do I have to pay Stamp Duty and how is it paid?

Stamp Duty is usually paid when you complete the process of buying the property and your solicitor will usually arrange this for you.

Where can I find out more?

Revenue has all the latest information on their website here. Your solicitor should also be able to advise you.

For more information on getting mortgage ready and top tips, signup to get your First Time Buyer e-book today.

Bank of Ireland Mortgage Bank trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland