This post must, by definition start with a giant ‘WTF?!’, because in it we will be looking at the new stamp duty ‘trade in’ scheme, brought to the Irish nation compliments of intense CIF lobbying and care of our Government who insist on listening to vested interests.
The rule applies only to new-build property and under it developers will now be able to take property as part/full payment for their unsold buildings. In the past there would have been stamp duty applied on the transfer from the buyer to the seller instantly, now it won’t be until such time as the property is sold.
This is an effort to get the 50,000+ overhand of extra property moved into the market.
However, we need to look at the working elements of this, in talking to several legal experts and a few finance colleagues there has been a common theme: ‘wtf?’.
If you want to buy a new property you will be able to trade yours in with the developer, this may help because …