Press releases

Budget 2020: Increase in commercial stamp duty

Deloitte reaction

Commenting on the increase in the rate of commercial stamp duty, Padraic Whelan, Tax Partner, Deloitte, commented:

The Minister has signalled in his speech the intention to increase the rate of commercial stamp duty from 6% to 7.5%. There has been quite a lot of commercial activity over the past four or five years so it appears the Government must expect that to continue strongly given the hike in the rate to 7.5%. We would advise caution to the extent that such increases, if continued in later Budgets, could unduly slow down commercial activity and foreign direct investment post Brexit.

From a residential perspective, the market continues to struggle to deliver supply and it looks like no government intervention will happen through the tax system to assist that recovery.

That said, the additional spend on social housing is welcome and hopefully can be delivered as expected within the timeframes anticipated. In addition, the extension of the help-to-buy scheme was widely expected, and it may well be extended again in future.

Ends

For Further Information Please Contact

Aoibheann O’Sullivan

Murray

01 498 0300

087 6291453

aosullivan@murrayconsultants.ie

 

Claire Quinn

Deloitte

01 417 2356

087 9777783

cquinn@deloitte.ie

About Deloitte

At Deloitte, we make an impact that matters for our clients, our people, our profession, and in the wider society by delivering the solutions and insights they need to address their most complex business challenges.

As the largest global professional services and consulting network, with approximately 286,000 professionals in more than 150 countries, we bring world-class capabilities and high-quality services to our clients.

In Ireland, Deloitte has approximately 3,000 people providing audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. Our people have the leadership capabilities, experience and insight to collaborate with clients so they can move forward with confidence.

In this press release references to Deloitte are references to Deloitte Ireland LLP. The information contained in this press release is correct at the time of going to press. Deloitte Ireland LLP is the Ireland affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte 

Did you find this useful?