Stamp Duty Certificates where consideration exceeds the top stamp duty threshold
Recent reports from practitioners that they have been requested by the stamp duty office to insert certificates in deeds that the aggregate amount or value of the consideration exceeds €___ (the top threshold amount) have been raised by the committee with the Revenue. It has now been confirmed by the Revenue that where the consideration exceeds the top stamp duty threshold, currently €635,000 for residential property and €150,000 for non-residential property, it is not necessary to insert a certificate in the instrument certifying that the aggregate amount or value of the consideration exceeds the top threshold amount. In such cases, stamp duty is chargeable at the top rate of 9% on the consideration.
It has also been confirmed by the Revenue that where the instrument relates to both residential and non-residential property and the consideration for either the residential property or the non-residential property is less than the appropriate top stamp duty threshold, it is only necessary to include a certificate relating to the consideration for the property for which a lower stamp duty rate is being sought.
The Revenue has advised that if Law Society members are encountering any difficulties in relation to the above certification requirements, they should in the first instance raise the matter with the management in the relevant stamp duty office and, if necessary, revert to the committee who will take the matter up on their behalf with Revenue if there continues to be a difficulty.