STAMP DUTIES CONSOLIDATION ACT Part 7 Exemptions and Reliefs from Stamp Duty (ss. 79-113) Chapter 1 Instruments which must be presented to the Commissioners for adjudication in order to obtain exemption or relief (ss. 79-83F) 79. Conveyances and transfers of property between certain bodies corporate. (1)Stamp duty shall not be chargeable under or by reference to the following headings in Schedule 1 – (a)”Conveyance or […]
STAMP DUTIES CONSOLIDATION ACT 1999 S Instruments to be separately charged with duty in certain cases. Except where express provision to the contrary is made by this or any other Act – (a)an instrument containing or relating to several distinct matters shall be separately and distinctly charged, as if it were a separate instrument, with duty in respect of each of the matters; (b)an […]
Development Incentives Finance Act 2019 amended the rate of stamp duty applying to conveyances or transfers and lease premiums of non-residential property from 6% to 7.5%. It amended (the residential development refund scheme) to take account of the rate of 7.5%. The formula used to calculate the refund due will be 11/15 (previously 2/3 of 6%) of the stamp paid. Finance Act 2020 amends section […]
Cards and Cheques Finance Act 2021 58 provides for the introduction of a streamlined and modernised system for the collection of stamp duties on financial cards and cheques. An overview of the amendments to the Stamp Duties Consolidation Act 1999 provided for by section 58 is set out below. It abolishes the stamp duty charge that currently applies on bills of exchange (i.e. cheques, drafts […]
Levy 2019 Finance Section 126AA of the Stamp Duties Consolidation Act 1999 makes provision for financial institutions to be charged with a stamp duty (referred to as the “bank levy”) for each of the years 2014 to 2021. The charge is based on a percentage of the amount of Deposit Interest Retention Tax (DIRT) paid by each financial institution in a specified “base year”. For […]
Conveyances Conveyances on sale are principal “head” or category of charge to stamp duty. A conveyance on sale for stamp duty purposes, is very widely defined to include any transfer of an asset for money or monies worth. Title / ownership of real property (land and buildings) is usually transferred by way of a deed of conveyance. There may be a sale contract, which provides for […]
Tax on Documents Stamp duty was traditionally, and remains largely, a tax on documents, rather than on transactions. If there is no document, it may be possible to avoid stamp duty. However, there exist anti-avoidance legislation which applies in certain circumstances to provide that certain types transactions are subject to stamp duty, even if there is no document which gives effect to them. Traditionally, stamp […]
Linked Transactions Traditionally it was necessary to incorporate a certificate in a deed, in order to certify that the transaction was below a certain value in order to obtain the benefit of lower stamp duty rates. Where a transaction together with other transactions together form the series, the rate of duty that applies, depends of the sum of the value of the series or transactions. […]
Documents Deemed Stampable A range of documents are deemed to be stampable conveyances, notwithstanding that they are not a conveyance on sales. Legislation has applied form many years to certain agreements for the sale of an interest in these categories of property; Otherwise stamp duty could be avoided by use of an agreement for sale, only without a transfer (conveyance). The deeming provision charge stamp […]
Long Leases Low Rent Leases are categorised separately for stamp duty purposes. They are not conveyances on sale, but are subject to separate, but similar provisions. The stamp duty provision vary with reference to the category of lease. The lease head of charge applies to the creation of a lease. The assignment of a lease is a conveyance on sale. Lease premiums are stampable on […]
Exemptions Many activities in the financial services sector, particularly those based in Ireland but focused internationally, are exempted from stamp duty. Stamp duty is chargeable on of the following instruments: a debt factoring agreement; a swap agreement; a forward agreement; a financial futures agreement; an option agreement; a combination of any 2 or more of the instruments specified above a transfer of, or an agreement to […]