Non-Residential Properties
Any property other than residential property, stocks or marketable securities or policies of insurance is regarded as non-residential. Typically these include sites, offices, business premises, factories, shops and public houses.
Non-Residential property - Rates 3
D1. New - Sites and Building Agreements
Two scenarios are provided for:
(1) Where the building on the site is not substantially completed* at the date of signing of the contracts and where the contract for the sale of the site and the building agreement are not interlocked, stamp duty will be assessed on the market value of the site together with the VAT exclusive cost of any works done at the date of signing of the contracts. A certificate from the site architect should be produced, detailing the works performed and the cost of such works at the date of the sale.
(2) Where the building on the site is substantially completed* at the date of signing of contracts and/or where the contract for the sale of the site and the building agreement are interlocked, then stamp duty will be assessed on the total VAT exclusive consideration, (as provided for by Section 48/56, Stamp Duties Consolidation Act, 1999), passing for the site and building.
VAT calculated at 13.5% from 1st January 2003
*Note: As a general guideline, properties will be regarded by Revenue as being 'substantially completed' where the cost of the building work completed exceeds 75% of the total cost of the building work agreed
Instrument -
Conveyance
Lease