Stamp Duty Refund Scheme

[dubrov]

I am in the process of buying a site to build a residential house but have recently become aware that all sites are classed as non-residential property for the purposes of stamp duty.

In the last budget, the minister was announced that the non-residential rate was increasing from 2% to 6%. I am buying a site in Dublin where the site cost makes up roughly 50% of the build cost so this is quite an increase.

The minister also announced that he would implement a stamp duty refund scheme and this is the exact text.

https://beta.oireachtas.ie/en/debates/debate/dail/2017-10-10/4/

However, in relation to commercial land purchased for the development of housing, I intend to introduce a stamp duty refund scheme because of the housing supply challenge. The refund will be subject to certain conditions, including a requirement that developers will have to commence the relevant development within 30 months of the land purchase. Details of my proposal on this and all the other tax measures I am announcing today will be set out in the Finance Bill.

Unfortunately the Finance bill has been published but made no reference to the refund scheme so apparently this will be addressed by committee.

Richard Bruton proposed amendments to the Stamp Duty Consolidation act on the same day and mentioned the following:

https://beta.oireachtas.ie/en/debates/debate/dail/2017-10-10/8/

The details of the refund scheme will be set out in the Finance Bill, but will be subject to certain performance criteria, including the commencement of housing development within a period of 30 months. The scheme will allow for a refund of two thirds of the stamp duty paid in accordance with the criteria to be specified in the Bill. This measure should avoid increased stamp duty feeding into house prices.

This "two thirds" refund would effectively bring the total stamp back to the previous rate of 2% of the site cost for self builds.

Is this refund scheme is likely to be back dated to October 10th and also would it apply to private individuals as well as building companies?

Thanks