Good News for Swappers!

In an effort to kick-start the housing market the Minister for Finance has announced a stamp duty "trade-in" or ‘swap’ scheme.

The scheme will apply where a person accepts another property as consideration or part consideration for the sale of a new house/apartment. The stamp duty liability arising on the acquisition of the swapped/traded-in property will be deferred until the sale of that property.

Therefore, the duty will only become due when the 'swapped' or 'traded in' house or apartment is sold on.

Even more reason to swap!

For full details visit the Department of Finance website at www.finance.gov.ie. We advise anyone who is considering availing of this scheme to seek independent advice from a qualified tax consultant.