Extension on the Exemption of Duty on Transfer of Immovable Property
Legal Notice 224 of 2022, published earlier today, extended the exemption of duty on the transfer of immovable property inter vivos or the transfer of any real right over immovable property.
This means that those who have entered into a promise of sale or promise of transfer of immovable property in 2021 will benefit from the exemption if notice of the final deed in relation to such transfer is given to the Commissioner for Revenue by not later than the 30th June, 2023.
The exemption reads that the duty chargeable on the first €400,000 of the amount or value of the consideration for the transfer of the property or the value of the property, whichever is the higher, shall be chargeable at the rate of €1.50c for every €100.00c (1.5%) instead of the usual 5%. The exemption also applies to seller who will benefit from a rate of 5% instead of 8%.
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