stamp duty!

Stamp Duty! Do you think it will be abolished in budget?

Why don’t you phone the Department of Finance? Ask for Lenny, tell him we sent ya.

I think it will be reduced to try and stimulate activity (perhaps even a stamp duty holiday). At the moment they are taking virtually nothing in stamp duty so little cost to do this.

It is about 1/1,000,000 that stamp duty will be abolished.

It logs many assets transactions and so is a key anti-avoidance information gathering process. The Revenue Commissioners care more about anti-avoidance than having an economically effective and efficient tax system. They spend their time thinking of ways to create more red tape and administrative work for taxpayers not less.

yer not kiddin.

I heard last night that it will be abolished in the budget.
Apparently the news was flagged to someone who runs a financial software operation of some sort, and relayed to me by a friend of his.

Yep, it’s vague and unverifiable. I cannot stand over the veracity of it, and I personally take it with a Siberian mine’s worth of NaCl, but there you have it.

Reason for removal: to stimulate the market, and to unlock the other revenue streams (VAT etc.)

Make any sense?

What’s sense got to do with the Budget?

Don’t they remove it in every budget? Or at least that’s what threads have led me to believe.

Revenue just spent a lot of money rolling out online stamping

Makes sense that stamp duty will now be abolished

I think it will be reduced but not abolished. Anybody who wants to trade up (or down) used to rely on equity in the house they were selling to fund stamp duty plus deposit. Reduced equity means no money to fund move so market is jammed (I know this is not only reason but it is a factor)

Won’t a new general property tax track these transactions?

Nah, I don’t think it would. At best, it would be related to an average of reported local transactions whereas the stamp duty is directly related to the transaction on the property. Revenue would loose the direct link.

On the topic of stamp duty, I understood that this was to pay for the ‘stamp’ on the contract. The stamp ensures that the contract will be accepted by the courts should any dispute arise. As such, stamp duty is not a property tax but a ‘contractual enforcement tax’ related to the value of the contract (of sale?).
Of course, my understanding may be off the wall. I got the understanding when I rented a place in town and the annual rent was above a threshold (IEP1,350?) where the lease required a stamp, which we had to pay for on signing and on each renewal.

Feel free to correct me, but please be gentle.

-darwi

Well here’s the wiki version

en.wikipedia.org/wiki/Stamp_duty