The Law and Practice of Irish Stamp Duty, Finance Act 2024
- Chapter 2 Documents
- 2.1 A Tax on Documents
- 2.2 Transactions Requiring a Written Instrument
- 2.3 Evidencing a Transaction
- 2.4 Time of Execution
- 2.5 Instruments Relating to Separate Matters
- 2.6 Instruments Containing Separate Transactions
- 2.7 Principal Object
- 2.8 Alteration of Instruments
- 2.9 Several Instruments Constituting One Transaction
- 2.10 Paperless Transactions
- 2.11 Escrow
- 2.12 E-Stamping
- Chapter 5 Administration, Appeals and Professional Duties
- 5.1 Introduction
- 5.2 Accountable Person
- 5.3 Time for Stamping
- 5.4 Late Stamping: Interest, Surcharge and Penalties
- 5.5 Under-Valuations in Voluntary Dispositions Inter Vivos
- 5.6 Incorrect Valuations of Residential Element in Conveyances or Leases of Mixed Residential and Non-Residential Property
- 5.7 Incorrect Statements
- 5.8 Power to Raise Assessments
- 5.9 Collection of Stamp Duty
- 5.10 Disclosure Requirements
- 5.11 Penalties for Breaching Disclosure Requirements
- 5.12 Position of Professional Advisers
- 5.13 Expressions of Doubt
- 5.14 Power to Require Production of Information
- 5.15 Stamp Duty Appeal Procedures
- 5.16 Restrictions on Use in Evidence
- 5.17 Duty of Judge, Arbitrator, etc.
- 5.18 Stamp Duty Objections
- 5.19 Undertakings to Stamp
- 5.20 Finality of Judge’s Decision
- 5.21 Lost Documents – Stamping of Replacements
- 5.22 Lost Documents – Admissibility of Secondary Evidence
- 5.23 Exceptions to Embargo on Admission of Unstamped Documents
- 5.24 Position of Registrars
- 5.25 Proof of Title
- 5.26 Mandatory Disclosure
- Chapter 6 Contingent, Variable and Unascertainable Consideration
- 6.1 Introduction
- 6.2 Contingency Principle
- 6.3 Application of the Contingency Principle
- 6.4 Unascertainable Consideration in Conveyances on Sale
- 6.5 Periodical Payments in Conveyances on Sale
- 6.6 Non-Cash Consideration in Conveyances
- 6.7 Conveyances in Consideration of the Transfer or Release of Debts
- 6.8 Unascertainable and Non-Cash Consideration in Leases
- 6.9 Stamp Duty and VAT
- 6.10 Variation of Rent
- Chapter 7 Conveyances on Sale
- 7.1 Conveyance Heads
- 7.2 Conveyances, Deemed Conveyances and Mere Conveyances
- 7.3 On Sale
- 7.4 Contract and Conveyance
- 7.5 Execution, Executed and Executory
- 7.6 Conveyance on Sale
- 7.7 Elements of a Conveyance on Sale
- 7.8 Building Agreements
- 7.9 Powers of Attorney
- 7.10 Equitable Assignments
- 7.11 Transaction Certificates
- 7.12 Series of Transactions
- 7.13 Stamp Duty and VAT
- 7.14 Examples of Conveyances on Sale
- Chapter 9 Contracts Treated as Conveyances on Sale
- 9.1 Conveyances and Agreements
- 9.2 Executed and Executory
- 9.3 Purpose of the Sections 31, 31A and 31B Provisions
- 9.4 Effect of Section 31
- 9.5 The Relationship Between Section 1 and Section 31
- 9.6 Mixed Transactions
- 9.7 Subsequent Conveyance
- 9.8 Further Contract
- 9.9 Rescission
- 9.10 Resting in Contract
- 9.11 Licence Agreements Contracts
- Chapter 10 Stamp Duty on Leases
- 10.1 Charge to Stamp Duty Under Lease Head
- 10.2 Deemed Leases
- 10.3 Retention of Apartments by Developers
- 10.4 Licences
- 10.5 Two Separate Charges to Stamp Duty Under Lease Head
- 10.6 Rents
- 10.7 Apportionment of Consideration
- 10.8 Lease Combined with Building Agreement
- 10.9 Reliefs
- 10.10 Exemptions
- 10.11 VAT and Stamp Duty
- Chapter 11 Other Heads and Imposed Duties
- 11.1 Introduction
- 11.2 Bills of Exchange (Cheques, Drafts and Money Orders)
- 11.3 Non-Life Insurance Policies
- 11.4 Non-Life Insurance Policies – Levy
- 11.5 Life Insurance Policies
- 11.6 Releases and Renunciations
- 11.7 Surrenders Otherwise than on a Sale
- 11.8 Share Warrants
- 11.9 Bank Cards (Cash, Combined, Debit, Credit and Charge Cards)
- 11.10 Levy and Further Levy on Certain Financial Institutions
- 11.11 Certain Statements of Interest: Section 84 Loans
- 11.12 Levy on Health Insurers
- 11.13 Pension Levy
- Chapter 12 Transfers Between Associated Companies
- 12.1 Introduction
- 12.2 Extent of Application of the Relief
- 12.3 Meaning of “Body Corporate”
- 12.4 Test of Association
- 12.5 Transfer of Beneficial Interest
- 12.6 Contracts
- 12.7 Other Situations
- 12.8 Liquidations
- 12.9 Receiverships
- 12.10 Mergers
- 12.11 Anti-Avoidance
- 12.12 Withdrawal of the Relief
- 12.13 Procedure for Claiming Relief
- 12.14 Interaction with Section 31E (10% Rate of Stamp Duty for Certain Acquisitions of Residential Property)
- Chapter 13 Reconstructions and Amalgamations of Companies
- 13.1 Terminology
- 13.2 Extent of Application of the Relief
- 13.3 Reconstructions
- 13.4 Amalgamations
- 13.5 Is a Winding-up Necessary?
- 13.6 Substantial Identity of Ownership
- 13.7 Partition of Businesses
- 13.8 Meaning of Carry on the Business
- 13.9 Onward Sales
- 13.10 Undertaking
- 13.11 Mergers
- 13.12 Acquiring Company
- 13.13 Target Company
- 13.14 Consideration for the Acquisition
- 13.15 Meaning of “Issue of Shares” and “Holders”
- 13.16 Meaning of “Issued Share Capital”
- 13.17 Prior Ownership Restriction
- 13.18 Piecemeal Acquisition
- 13.19 Bona fide Commercial Reasons
- 13.20 Interaction with Section 31E (10% Rate of Stamp Duty for Certain Acquisitions of Residential Property)
- 13.21 Procedure and Timeframe for Claiming Relief
- 13.22 Clawback of Relief
- 13.21 Other Anti-Avoidance Measures
- Chapter 14 Financial Services Instruments and other Financial Products
- 14.1 Introduction
- 14.2 Debt Factoring Agreements
- 14.3 Swap Agreements
- 14.4 Forward Agreements
- 14.5 Financial Futures Agreements
- 14.6 Option Agreements
- 14.7 Combination Situations
- 14.8 Securitisations
- 14.9 National Treasury Management Agency (NTMA)
- 14.10 National Development Finance Agency (NDFA)
- 14.11 Strategic Banking Corporation of Ireland
- 14.12 Ireland Strategic Investment Fund
- 14.13 Foreign Government Securities
- 14.14 Foreign Loan Securities
- 14.15 Renounceable Letters of Allotment
- 14.16 Investment Schemes
- 14.17 Reorganisation of Undertakings for Collective Investment
- 14.18 Reconstructions or Amalgamations of Certain Funds
- 14.19 Reconstructions or Amalgamations of Certain Common Contractual Funds
- 14.20 Reconstructions or Amalgamations of Certain Investment Undertakings
- 14.21 Foreign Stocks and Marketable Securities
- 14.22 Transfer of Assets within Unit Trusts
- 14.23 Transfers between Offshore Funds
- 14.24 Amalgamation of Unit Trusts
- 14.25 Stock-Lending and Repo Reliefs
- 14.26 Recognised Clearing Houses
- 14.27 American or Canadian Depositary Receipts (ADRs)
- 14.28 Greenhouse Gas Emissions Allowances
- 14.29 Asset Covered Securities
- 14.30 Islamic Finance
- 14.31 Exemptions for Pensions Schemes and Charities
- 14.32 Exemptions for Enterprise Securities Market
- Chapter 17 Share Acquisitions
- 17.1 Introduction
- 17.2 Rate and Basis of Charge to Stamp Duty
- 17.3 Liability for Stamp Duty
- 17.4 Different Types of Consideration
- 17.5 Discharge of Debts in Share Acquisitions
- 17.6 Options Over Shares
- 17.7 Cancellation Schemes of Arrangements
- 17.8 Treatment of Employee Share Options in a Takeover Situation
- 17.9 Company Mergers
- 17.10 Procedure for Stamping
- Chapter 28 Stamp Duty on Options
- 28.1 Introduction
- 28.2 Nature of an Option
- 28.3 Duty on Grant of Options
- 28.4 Rate of Duty on Grant of Options
- 28.5 Certain Exempt Options
- 28.6 Vesting of Options
- 28.7 Exercise of Options
- 28.8 Transfer of Property Pursuant to an Exercised Option
- 28.9 Relationship of Option Premium to Exercise Price
- 28.10 Series of Transaction
- 28.11 Several Options under One Contract
- 28.12 Transfer of Options
- 28.13 Release of Options
- 28.14 Abandonment of Options
- 28.15 Effect of Options on Group Structure
- 28.16 Interest in Underlying Subject Matter
- Chapter 29 Securities Transferred by Electronic Means
- 29.1 Introduction
- 29.2 Migration from CREST to Euroclear Bank Belgium
- 29.3 Euroclear Bank Belgium and Post-Migration
- 29.4 Charging Basis
- 29.5 The Flag System
- 29.6 Rate of Duty
- 29.7 Time for Payment and Collection Mechanism
- 29.8 Obligations and Penalties
- 29.9 Power to Raise Assessments
- 29.10 Exemptions
- 29.11 Dematerialisation / Rematerialisation
- 29.12 Mere Conveyances – No Change in Beneficial Ownership
- 29.13 Stock Borrowing
- 29.14 Operator Instructions Effecting Certain Renunciation Rights
- 29.15 Recognised Intermediaries
- 29.16 Clearing Houses
- 29.17 Overpayment and Refunds
- Chapter 30 Stamp Duty on Residential Property
- 30.1 Background
- 30.2 Residential Property
- 30.3 Important Stamp Duty Provisions
- 30.4 Contract for Sale of Site and Contract for Construction (Section 29 & 53 SDCA)
- 30.5 Higher Rate of Stamp Duty where at Least 10 Residential Units Acquired During any 12 Month Period
- 30.6 Repayment of Stamp Duty where Land used for Residential Development
- 30.7 Full Repayment of Stamp Duty Under Affordable Purchase Arrangements
- 30.8 Partial Repayment of Stamp Duty in Respect of Certain Residential Units
- 30.9 Aggregation of Transactions
- 30.10 Reliefs up to 8th December 2010 terminated by s63(1) Finance Act 2011
- Chapter 31 Commercial Property
- 31.1 Background and Rates
- 31.2 Shares Deriving Their Value From Irish Non-Residential Property
- 31.3 Important Factors Relating to Non-Residential Property
- 31.4 Rate for Construction not Substantially Completed
- 31.5 Timing of Contracts
- 31.6 Mixed Residential and Commercial Property
- 31.7 Interaction With Corporation Tax
- Chapter 32 Stamp Duty on Sale and Leaseback Transactions
- 32.1 Stamp Duty Exposures
- 32.2 Retention of Apartment by Developer
- 32.3 Other Circumstances Amounting to a Reservation of a Lease
- 32.4 Equity Extraction
- 32.5 Residential Equity Release
- 32.6 Tax Structured Financing
- 32.7 Grant of Lease to Nominee
- 32.8 Inter-Spousal Transfers
- 32.9 Sale & Leaseback of Equipment
- Chapter 33 E-Stamping
- 33.1 Introduction
- 33.2 Stamp Duty Returns
- 33.3 Instruments Where Stamp Duty Return Required
- 33.4 Time Limits for Filing Stamp Duty Returns
- 33.5 Tax Reference Number Requirement
- 33.6 Unregistered and Non Resident Parties
- 33.7 LPT Property ID Number
- 33.8 Stamp Duty Returns
- 33.9 Stamp Certificates
- 33.10 Retention of Records
- 33.11 Assurance Checks and Audits
- 33.12 Abolition of Adjudication
- 33.13 Expressions of Doubt
- 33.14 Valuations
- 33.15 Part of a Larger Transaction or Series of Transactions
- 33.16 Composition Agreements
- 33.17 Time Limits for Making Enquiries and Assessments
- 33.18 Time Limits for Claiming Repayment of Stamp Duty
- 33.19 Interest on Repayments of Duty
- 33.20 Mistakes in Deeds