There are a number of stamp duty reliefs and exemptions and this post will look at the most common ones.
Transfers Between Spouses
Transfers between spouses are exempt from stamp duty.
Stamp Duty Reliefs
Consanguinity Relief
This relief applies to transfers between blood relations such as transfers from parent to child, grandchild, grandparent, brother, sister and some others. The relief provides for payment of 50% of the normal stamp duty that would have applied had there been no relationship.
Young Trained Farmer
There is no stamp duty on a transfer of qualifying land to young trained farmers.
Site Transfer From Parent To Child
When a parent transfers a site to a child for the purposes of building a private residence, and the value of the site is less than 500,000 euros, then there is no stamp duty.The size of the site can not be greater than 1 acre.
Farm Consolidation Relief
There is considerable relief in relation to the transfer of farms to encourage the consolidation of farms and the best place to investigate this scheme is the farm advisory body, Teagasc.
Charities And Sporting Bodies
Charities and sporting bodies both enjoy relief from paying stamp duty when acquiring property; both the charities and sporting bodies need to be approved and further enquiries should be made from the Stamp duty section of Revenue Commissioners for further information.
Gifts/Voluntary Transfers
Bear in mind that if the transfer is a voluntary transaction, that is a gift, the stamp duty will be calculated on the market value of the property at the date of transfer.
Related posts:
- Stamp Duty | Stamp Duty Rates In Ireland Stamp duty is a tax on documents and most peoples...
- Capital Gains Tax On Property In Ireland Capital gains tax is a tax on the gains that...
- Access,Custody and Guardianship in Ireland The Guardianship of Infants act,1964 is the principal piece of...
- Child Care Law In Ireland The principle law in Ireland in relation to the care...
- Property Law | The Landlord And Letting Property The whole area of landlord and tenant law is complex...
