Notary Public & Commissioner for Oaths


Budget 2013 Amendments (Notarial)

Created on Monday, 22 April 2013 15:33

What were the main changes affecting notarial practice?

  • First-Time Buyers

Persons who purchase a property which is to serve as their sole ordinary residence will now pay stamp duty tax at the reduced rate of 3.5% on the first €150,000 (instead of on the first €117,000) as the law used to provide before. Over and above this price, purchasers still pay at the ordinary rate of 5%.

  • Donations

In the case of a donation of an immovable between parents and children when the children declare that they have the intention of establishing in the property their sole ordinary residence, no stamp duty tax shall be due by the children on the first €200,000 provided that this is the first donation between such parent and child. Over and above this price, stamp duty tax shall be paid at the rate of 3.5%.

The parents also remain fully exempted from paying any tax on the full price.

  • Succession transfer between parent and child

As of 1st January 2013, no succession tax is due by a person who inherits his parent’s sole ordinary residence (i.e. the property where the deceased parent was residing at the time of his/her death). 

There is no capping on this, which means that the heir pays no tax no matter what the value of the property is.

  • Transfer of property bought within the last 12 years

The choice of whether one pays final withholding tax at the rate of 12% of the price on the final contract or whether one pays on the capital gain has been extended to those who are transferring a property acquired within the last 12 years. Before the budget, this used to be 7 years.

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