Following the Budget Speech for the year 2016, in connection with the extension of the scheme for the relief from duty for First Time Buyers (FTB) from the 30th June 2015 to the 31st December 2016,
The IRD have issued the following guidelines.
The scheme applies to transfers of property, made on or after the 5th November 2013 but before the 1st January 2017, which qualify for relief of duty. The property must be the first immovable property acquired inter vivos and the notary must record in the deed a written declaration by the person acquiring the property that this is the first immovable property acquired inter vivos. If the above conditions are satisfied no duty will be chargeable on the first €150,000 of the consideration paid for the acquisition of such property.
The benefit does not apply to any transfer of property where a notice of a promise of sale or transfer relating to such property has been given to the Commissioner before the 1st July 2013.
With respect to promise of sale agreements registered on or after 1st July, 2015, purchasers will be eligible to apply to the IRD for a refund of the duty paid on the first €150,000 of the aggregate value of the consideration paid, or any proportionate amount paid, after publication and registration of the final deed of purchase, if the final deed of purchase is signed by not later than 31st December, 2016. The application for refund has to include a declaration by the purchaser that this is the first immovable property acquired inter vivos by such person and that the property is to be used as the sole ordinary residence of the purchaser.
With respect to promise of sale agreements registered before 1st July 2015, purchasers will still benefit from the relief from duty on the first €150,000 of the aggregate value of the consideration paid for the acquisition, if the final deed of purchase is signed by not later than 31st December, 2016.
Purchasers shall also be eligible for a refund of the duty paid on the first €150,000 of the aggregate value of the consideration paid, or any proportionate amount, paid on the deed of acquisition, provided that the application for refund includes a declaration of the purchaser that this is the first immovable property acquired inter vivos by such person and that the property is to be used as the sole ordinary residence of the purchaser.
