Minister Cowen has published Finance (No. 2) Bill 2007 which provides a stamp duty exemption for a first-time purchaser of a house or apartment which he or she occupies as his or her only or principal place of residence.

Qualifying first-time owner-occupying purchasers of residential property who execute a deed for the purchase or otherwise acquisition of property at any time from the 31 March 2007 will not have to pay stamp duty on the purchase.

There had been some confusion in the media concerning the 31 March as against a 30 April effective date which had been suggested during the election campaign. As conveyances are required to be presented to Revenue for stamping within 30 days, the legislation has apparently been written to include all deeds executed from 31 March on. The Department of Finance have offered the example of a first-time buyer who executed a deed of transfer on a property on 1 April last and presented it to Revenue on 15 April. In this situation the first-time buyer will qualify for a refund of any stamp duty paid as the deed was executed on or after 31 March.

The Finance (No. 2) Bill 2007 is available at http://www.finance.gov.ie/viewdoc.asp?DocID=4774.