AUCTIONEERS have welcomed the Government’s decision to abolish all stamp duty for first-time buyers of new or secondhand houses from 31 March last.

The chief executive of the Institute of Professional Auctioneers and Valuers (IPAV), Fintan McNamara, said the move was long overdue and would be of major benefit to many first-time buyers, particularly those who wished to buy in the secondhand market. It would, he said, also bring stability to this section of the market.

Mr McNamara said he appreciated that this was a mid-summer measure and he hoped that the Government would introduce further reform of the stamp duty regime in the December Budget.

“IPAV has long argued that stamp duty should only be paid on the excess above each threshold by all purchasers of property and not on the entire price,” he said.

IPAV has also proposed that the following rates and thresholds replace those currently in use for non first-time buyers: Up to E250,000, nil; from E250,001 -E500,000, three per cent; from E500,001- E1,000,000, five per cent; in excess of E1,000,001, six per cent.

Posted: 06|27|07 at 11:48 am. Filed under: Auction News.