Noonan: Stamp duty cut will boost activity in market

AN immediate reduction in stamp duty for the transfer of commercial property will boost activity in the market, according to the Government.

The move from the current top rate of 6% to a flat rate of 2%, regardless of value — which will include farmland, industrial and commercial buildings — might not restore all of the jobs lost in the construction sector since 2007, but “can create the right conditions for construction employment to return to normal sustainable levels”, according to Finance Minister Michael Noonan.

“Bringing down the cost of acquiring commercial property will have a positive effect on the property sector and, indirectly, on jobs in construction and related activities.”