62. Deputy John Connolly asked the Tánaiste and Minister for Finance if he has considered the introduction of a stamp duty exemption, reduction or refund scheme for older homeowners who voluntarily downsize, or "rightsize", from larger family homes to smaller principal private residences; whether his Department has examined the potential impact of such a measure on housing mobility and on the more efficient use of existing housing stock; and if he will make a statement on the matter. [52057/26]

Stamp Duty is a tax charged on documents (deeds) which transfer ownership of property. It is payable by the “accountable person”, who in the case of a sale of residential property is the purchaser. Where there is more than one accountable person, each person is jointly and severally liable to pay Stamp Duty.

Schedule 1 to the Stamp Duties Consolidation Act (SDCA) 1999 provides for Stamp Duty to be charged on transfers of residential property. The rates that apply are:

• 1 per cent on the consideration up to €1 million,

• 2 per cent on any consideration exceeding €1 million up to €1.5 million, and

• 6 per cent on any consideration exceeding €1.5 million.

Where the consideration is in respect of three or more apartments in the same apartment block, the Stamp Duty rates are:

• 1% on the consideration up to €1 million

• 2% on any consideration over €1 million.

A higher 15% Stamp Duty rate is charged under Section 31E of the SDCA 1999 where a person acquires ten or more residential properties (excluding apartments) in any 12 month period.

These rates apply regardless of whether or not the purchaser is a first-time buyer, the property is new or second-hand, or indeed whether the person acquiring the residential property is "downsizing" or not.

Further details of the Stamp Duty rates on residential property are published on the Revenue website at https://www.revenue.ie/en/property/stamp-duty/property/stamp-duty-property/rates.aspx.

While proposals such as the one set out in this PQ are received by my Department, as the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.