10% stamp duty for bulk purchasers of homes

On 19 July 2021, President Higgins signed the Finance (Covid-19 and Miscellaneous Provisions) Act 2021 (“the Act”), enacting into law stamp duty changes designed to mitigate against the bulk purchase of houses in Ireland. These changes include and build on those previously announced in the form of a Financial Resolution in May 2021. Broadly, the stamp duty changes act to impose a stamp duty charge of 10% on the cumulative purchase of 10 or more residential houses in a 12 month period, with effect from 20 May 2021. In addition to these stamp duty changes, Minister for Housing Darragh O’Brien also announced in May 2021 new planning measures to prohibit the bulk buying of houses and duplexes in new developments, as well as the introduction of an “owner occupier guarantee” which would ensure that a minimum number of houses and duplexes in a development are designated for owner occupiers.

Source KPMG



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