Example: Relief for Owner Occupier
Total consideration = €1,135,000 (incl.VAT)
Relief:
Consideration for House (less VAT) = €1,000,000
25% of €1,000,000 = €250,000
Stamp duty is chargeable on this amount (€250,000) as follows:
First €125,000 – not chargeable to duty
Amount over €125,000 and less than €1m – charged at 7% = €8,750.00
Where the quarter amount or site value exceeds €1m, then the rates apply as above but any amount in excess of €1m is charged at 9%.
Where the site value or quarter total amounts to less than €127,000, then the instrument is exempt from any duty
In the case of any Lease (e.g. 500 years, 999 years etc), then lease duty is also chargeable on the average annual rent.