Revenue Guide to the Finance (No 2) Act 2007 – New Houses or Apartments
Practitioners will be aware that the Revenue has published an online guide to the above act, which is available on the Revenue website, . It should be noted that the stamp duty exemption for all first-time purchasers of a new house/apartment occupied as the purchaser’s only or principal place of residence is subject to compliance with certain conditions. These conditions are not immediately apparent on the first page of the online guide, and it is necessary to click on the links in order to establish what these conditions are.
Revenue has confirmed that there is a continuing requirement for a floor area compliance certificate in the case of new houses or apartments having a floor area of 125 square metres or less.
Practitioners should note that a floor area compliance certificate includes a requirement to meet certain building standards and will not issue automatically on proof of floor area only.
For larger houses or apartments, a certificate of floor area by a qualified architect, engineer or surveyor is also still required.