Stamp Duty rate increase on commercial property, and other property related measures.
The rate of stamp duty on commercial property has been increased from 2% to 6% with effect from midnight on 10 October 2017 subject to transitional measures provided in the Finance Bill as follows: To avail of the 2% rate, purchasers must have binding contracts in place before 11 October 2017 and the instruments for the transfers must be executed before 1 January 2018. The instrument must contain a statement to this effect. It is a revenue offence where an incorrect statement is furnished.
The minister announced that a stamp duty refund may be available in respect of land for development of houses under a refund scheme. He mentioned that this would be subject to developers commencing within 30 months of land purchase.
We understand that this scheme will be brought forward during the committee stage of the Bill. It is not in the Bill as it stands.