No Stamp Duty Relief for First-Time Buyers in Budget, Says Tánaiste Simon Harris

Tánaiste Simon Harris has ruled out stamp duty relief for first-time buyers in this year’s budget, despite earlier consideration by the Taoiseach. Harris stated that suggesting such a change could significantly impact the housing market, a lever he does not intend to pull. Stamp duty applies at 1% on the first €1 million of a home’s price, rising to 2% up to €1.5 million, and 6% thereafter. First-time buyers were exempt before December 8, 2010.

Harris confirmed commitments to honor the first-time buyers grant, currently capped at €30,000, and its review. He also indicated that increasing the renters’ tax credit, which the government failed to do last year, is under consideration for this budget, noting Fine Gael’s pledge to raise it to €1,500.

Additionally, Harris reiterated that a significant personal income tax package is necessary to prevent people from paying more tax, as Ireland has lower entry points for higher tax rates than many countries. He expressed concern that many working individuals struggle to get ahead. He also indicated further childcare fee reductions will be announced in October’s budget, aiming for childcare reforms to be a signature project over the next four budgets, addressing both fees and access.