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Budget 2021 Government Property schemes & incentives

Here are the main points raised in this year’s budget announcements for 2021.

1. The First Time Buyer scheme has been extended. The exemption from stamp duty has been increased from €175,000 to €200,000.

2. The reduction of stamp duty from 5% to 1.5% for purchasers and reduction of tax from 8% to 5% for sellers, with respect to the first €400,000 of property value is to remain in force. This applies to Promise of Sales registered up to 31st March 2021, for which the purchase contract is signed by the 31st December 2021.

3. The exempt amount, for duty purposes, for instances when parents donate property to their children to reside in, has been extended from €200,000 to €250,000.

4. The 15% rate of tax applicable on the profit derived from the assignment of a Promise of Sale, is now to be extended to the full amount.