The budget was released yesterday and the two things of particular note to any of us with an interest in property are changes in Stamp Duty and also Mortgage Interest Relief.
First we’ll look at Stamp Duty. Reform and simplification was long overdue! What a pity a more generous reduction was not on the cards! Stamp duty is just too easy to get away with I suppose. After all, it is a tax that is ensured to be collected by solicitors who would face the gallows should they fail to collect it on behalf of the government. The U.K. rates are so much better it makes our system look draconian. We copy their laws and rules on almost everything, why can’t we do it on the stamp rates!
Stamp duty is now on a simplified three tier system.
1. Exempt: if the property is valued at less than €125,000. Maybe we should really call it a two tier system, a quick search of the property sites has shown that there are virtually no inhabitable buildings available in the …