Residential Development Stamp Duty Refund Scheme

Overview

The Finance Act 2017 provides for a refund scheme. Under the scheme you may qualify for a refund of some of the Stamp Duty that you paid.

The maximum amount of the refund is two-thirds of the amount of Stamp Duty that you paid.

In the case of a single dwelling unit, you cannot claim a refund for curtilage which exceeds 0.4047 hectares (1 acre). The curtilage is the area around the house such as gardens, paths, driveways.

The instrument (written document) transferring land to you must be executed (signed, sealed or both) on or after 11 October 2017.

You must file a Stamp Duty return and pay Stamp Duty at the non-residential rate of 6% on the transfer.

You must have received a Stamp Duty certificate.

You must commence building a house(s) or apartment(s) on the land within 30 months after the date of the transfer.

You must develop the required proportion of the land for residential purposes.

You can make your claim after you commence building work.

You must make your claim electronically.

You will have to pay back the Stamp Duty that was refunded to you in certain circumstances:

  • you claimed a refund but you were not entitled to it
  • the building work is not completed within the specified period
  • you do not meet the relevant ‘75% test’ on completion.

Next: Commencing building work