The Law and Practice of Irish Stamp Duty, Finance Act 2013
- 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 Mandatory Tax and Professional Duties
- 5.1 Introduction
- 5.2 Accountable Person
- 5.3 Time for Stamping
- 5.4 Late Stamping
- 5.5 Surcharges for Under-Valuations in Voluntary Dispositions Inter Vivos
- 5.6 Surcharges for 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 Sanctions for Breaching Disclosure Requirements
- 5.12 Situations where Negligence or Deliberate Behaviour is Presumed
- 5.13 Position of Professional Advisers
- 5.14 Expressions of Doubt
- 5.15 Power to Require Production of Information
- 5.16 Stamp Duty Appeal Procedures
- 5.17 Restrictions on Use in Evidence
- 5.18 Duty of Judge, Arbitrator, etc
- 5.19 Stamp Duty Objections
- 5.20 Undertakings to Stamp
- 5.21 Finality of Judge’s Decision
- 5.22 Lost Documents – Stamping of Replacements
- 5.23 Lost Documents – Admissibility of Secondary Evidence
- 5.24 Exceptions to Embargo on Admission of Unstamped Documents
- 5.25 Position of Registrars
- 5.26 Proof of Title
- 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
- 7.6.1 Liberal interpretation of conveyance
- 7.6.2 Effect of the document is what matters
- 7.6.3 Instruments regarded as conveyances on sale by revenue
- 7.6.4 Agreements to transfer are not conveyances
- 7.7 Elements of a Conveyance on Sale
- 7.7.1 Every instrument
- 7.7.2 Every decree or order (including a decree or order for, or having the effect of an order for, foreclosure) of any court or of any commissioners
- 7.7.3 Whereby
- 7.7.4 Agreement or contract to transfer
- 7.7.5 Property
- 7.7.6 Estate or interest in property
- 7.7.7 Executory and executed
- 7.7.8 Prior existence of property
- 7.7.9 Transferring or vesting
- 7.7.10 Purchaser, or any other person on his behalf
- 7.8 Building Agreements
- 7.9 Powers of Attorney
- 7.10 Equitable Assignments
- 7.11 Transaction Certificates
- 7.12 Stamp Duty and VAT
- 7.13 Examples of Conveyances on Sale
- Chapter 8 Deemed Conveyances on Sale
- 8.1 Conveyances and Agreements
- 8.2 Deemed Conveyances on Sale
- 8.3 Instruments that are not Conveyances
- 8.3.1 Certain contracts to be treated as conveyances on sale
- 8.3.2 Resting in contract
- 8.3.3 Licences
- 8.3.4 Agreements in connection with, or in contemplation of, sale
- 8.3.5 Certain contracts for sale of leasehold interests to be chargeable as conveyances on sale
- 8.3.6 Deeds of enlargement
- 8.3.7 Surrenders
- 8.3.8 Reverse Consideration for Surrenders
- 8.4 Instruments that are not Sales
- 8.4.1 Conveyance or transfer in contemplation of sale
- 8.4.2 Voluntary dispositions inter vivos chargeable as conveyances or transfers on sale
- 8.4.3 As to sale of an annuity or right not before in existence
- 8.4.4 Partitions – General
- 8.4.5 Exchanges
- 8.4.6 Shares etc. exchanged for other property
- 8.4.7 Debt, etc., exchanged for other property
- 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
- 9.4.1 First limb – equitable estate or interest
- 9.4.2 Second limb – full (legal and equitable) ownership
- 9.4.3 Property excluded from second limb 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
- 10.1.1 Lease head applies on creation only
- 10.1.2 Leases may also be exposed under conveyance on sale head
- 10.2 Deemed Leases
- 10.2.1 Agreement for lease for less than 35 years
- 10.2.2 Agreement for lease for more than 35 years
- 10.2.3 Agreement to increase or decrease rent in lease
- 10.2.4 Waiver or abandonment of notice to quit
- 10.3 Retention of Apartments by Developers
- 10.4 Licences
- 10.5 Two Separate Charges to Stamp Duty Under Lease Head
- 10.6 Rents
- 10.6.1 Leases for less than one full year
- 10.6.2 Dwellinghouses and apartments
- 10.6.3 Produce/Goods rent
- 10.6.4 Penal rents
- 10.6.5 Surrender in return for a new lease
- 10.6.6 Unascertainable rent
- 10.6.7 Duration of leases and rates of duty on rents
- 10.6.8 Rent review clauses
- 10.6.9 Options to extend lease
- 10.6.10 Counterpart or duplicate
- 10.6.11 Rental guarantee
- 10.7 Apportionment of Consideration
- 10.7.1 No aggregation of residential and non-residential for rate purposes
- 10.7.2 Contrast with chattels
- 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
- 11.3 Charge to Duty
- 11.4 Manner and Time of Stamping
- 11.5 Unstamped Bills of Exchange
- 11.6 Exemptions
- 11.7 Non-Life Insurance Policies
- 11.8 Non-Life Insurance Policies – Levy
- 11.9 Life Insurance Policies
- 11.10 Releases and Renunciations
- 11.11 Surrenders Otherwise than on a Sale
- 11.12 Share Warrants
- 11.13 Bank Cards
- 11.14 Levy on Certain Financial Institutions
- 11.15 Certain Statements of Interest: Section 84 Loans
- 11.16 Levy on Health Insurers
- 11.17 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 Anti-Avoidance – Overview
- 12.11 Terminology
- 12.12 Consideration Provided or Received by an Outsider - Sub-section 5(A)
- 12.13 Previous Transfer of Beneficial Interest – Sub-section 5(B)
- 12.14 Arrangement to Cease to be Associated – Sub-section 5(C)
- 12.15 Limitation on Claiming Relief where Intermediary Relief Already Claimed
- 12.16 Withdrawal of the Relief
- 12.17 Procedure for Claiming Relief
- 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 Acquiring Company
- 13.12 Target Company
- 13.13 Consideration for the Acquisition
- 13.14 Meaning of “Issue of Shares” and “Holders”
- 13.15 Meaning of “Issued Share Capital”
- 13.16 Prior Ownership Restriction
- 13.17 Piecemeal Acquisition
- 13.18 Bona fide Commercial Reasons
- 13.19 Procedure and Timeframe for Claiming Relief
- 13.20 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 Foreign Government Securities
- 14.12 Foreign Loan Securities
- 14.13 Renounceable Letters of Allotment
- 14.14 Investment Schemes
- 14.15 Reorganisation of Undertakings for Collective Investment
- 14.16 Reconstructions or Amalgamations of Certain Funds
- 14.17 Reconstructions or Amalgamations of Certain Common Contractual Funds
- 14.18 Reconstructions or Amalgamations of Certain Investment Undertakings
- 14.19 Foreign Stocks and Marketable Securities
- 14.20 Transfer of Assets within Unit Trusts
- 14.21 Transfers Between Offshore Funds
- 14.22 Stock-Lending and Repo Reliefs
- 14.23 Recognised Clearing Houses
- 14.24 American or Canadian Depositary Receipts (ADRs)
- 14.25 Greenhouse Gas Emissions Allowances
- 14.26 Asset Covered Securities
- 14.27 Islamic Finance
- 14.28 Exemptions for Pensions Schemes and Charities
- Chapter 15 Exemptions
- 15.1 Introduction
- 15.2 Consanguinity Relief
- 15.2.1 Effect of the relief
- 15.2.2 Conditions for the relief
- 15.2.3 Degree of relationship
- 15.2.4 Transaction certificate
- 15.2.5 Adjudication
- 15.3 Sub-sale Relief
- 15.3.1 Effect of relief
- 15.3.2 Effect of Sub-sale without Relief
- 15.3.3 Application of the relief generally
- 15.3.4 Same property
- 15.3.5 Immediately
- 15.3.6 Parts or parcels of property
- 15.3.7 Sub-sale after conveyance
- 15.3.8 Partial sub-sales
- 15.3.9 Multiple sub-sales
- 15.3.10 Voluntary Dispositions Inter Vivos.
- 15.3.11 Chains of sub-sales
- 15.3.12 Section 31 deemed conveyances on sale
- 15.3.13 Anti-avoidance
- 15.3.14 Periodic payments exceeding 20 years
- 15.3.15 Time limit on application of relief
- 15.3.16 Sub-sale to original vendor
- 15.3.17 Disapplication of consanguinity relief where sub-sale relief applies
- 15.3.18 Disapplication of spouse exemption where sub-sale relief applies
- 15.3.19 Potential for application of sub-sale relief to other heads
- 15.3.20 Associated companies relief
- 15.4 Transfer of Site to a Child
- 15.4.1 Application of relief
- 15.4.2 Site
- 15.4.3 Child
- 15.4.4 Transaction certificate
- 15.4.5 Adjudication
- 15.4.6 Clawback
- 15.5 Acquisitions by Approved Sports Bodies
- 15.5.1 Application of the exemption
- 15.5.2 Approved sports body
- 15.5.3 Transaction certificate
- 15.5.4 Adjudication
- 15.5.5 Clawback
- 15.6 Exemptions
- Annex 1 Exemptions
- Chapter 16 Farming
- 16.1 Key Reliefs for Farmers
- 16.2 Young Trained Farmer Relief
- 16.2.1 Criteria for relief
- 16.2.2 Age
- 16.2.3 Qualifications
- 16.2.4 Other conditions
- 16.2.5 Interest in land
- 16.2.6 Documentation to accompany application for relief
- 16.2.7 Spouses and other joint owners
- 16.2.8 Adjudication
- 16.2.9 Transitional provisions
- 16.2.10 Clawback
- 16.3 Farm Consolidation Relief (Exchanges)
- 16.3.1 Application of relief
- 16.3.2 Consolidation certificate
- 16.3.3 Transaction certificate
- 16.3.4 Declarations
- 16.3.5 Equal value/difference in value
- 16.3.6 Adjudication
- 16.3.7 Spouses and other joint owners
- 16.3.8 Clawback
- 16.4 Farm Consolidation Relief (Sale and Purchase)
- 16.4.1 Application of relief
- 16.4.2 Documentation to Accompany Application
- 16.4.3 Consolidation certificate
- 16.4.4 Transaction certificate
- 16.4.5 Declarations
- 16.4.6 Operation of relief
- 16.4.7 Adjudication
- 16.4.8 Spouses and other joint owners
- 16.4.9 Clawback
- 16.5 Commercial Woodlands
- 16.6 Single Farm Payment Entitlement
- 16.7 Certain Family Farm Transfers
- 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 Treatment of Employee Share Options in a Takeover Situation
- 17.8 Company Mergers
- 17.9 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 Crest
- 29.1 Introduction
- 29.2 Charging Basis
- 29.3 The Flag System
- 29.4 Rate of Duty
- 29.5 Time for Payment and Collection Mechanism
- 29.6 Power to Raise Assessments
- 29.7 Exemptions
- 29.8 Dematerialisation/Rematerialisation
- 29.9 Mere Conveyances – No Change in Beneficial Ownership
- 29.10 Operator Instructions Effecting Certain Renunciation Rights
- 29.11 Recognised Intermediaries
- 29.12 Clearing Houses
- 29.13 Additional Information
- 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)
- 30.4.1 Effect of provision
- 30.4.2 Application of the Provision
- 30.4.3 Unascertainable consideration
- 30.4.4 Refunds
- 30.4.5 Certificate
- 30.5 Aggregation of Transactions
- 30.6 First Time Purchaser
- 30.7 Owner Occupier
- 30.8 Exemption for Small New Residential Property (Section 91A SDCA)
- 30.8.1 Effect of exemption
- 30.8.2 Application of the exemption
- 30.8.3 Contents of the certificate
- 30.8.4 Effect of no certificate
- 30.8.5 No requirement to be a first-time buyer
- 30.8.6 Adjudication
- 30.8.7 Clawback
- 30.9 Reduction in Amount Chargeable for Larger New Residential Property (Section 92 SDCA)
- 30.9.1 Effect of relief
- 30.9.2 Application of relief
- 30.9.3 No Requirement to be a First-time Buyer
- 30.9.4 Adjudication
- 30.9.5 Clawback
- 30.10 Relief for First-Time Purchasers from 31 March 2007 (Section 92B SDCA)
- Chapter 31 Commercial Property
- 31.1 Background
- 31.2 Important Factors Relating to Non-Residential Property
- 31.2.1 Interlocked
- 31.2.2 Substantially completed
- 31.2.3 Not interlocked and not substantially completed
- 31.3 Rate
- 31.4 Timing of Contracts
- 31.5 Mixed Residential and Commercial Property
- 31.6 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 Stamp Certificates
- 33.8 Retention of Records
- 33.9 Assurance Checks and Audits
- 33.10 Abolition of Adjudication
- 33.11 Expressions of Doubt
- 33.12 Valuations
- 33.13 Part of a Larger Transaction or Series of Transactions
- 33.14 Composition Agreements
- 33.15 Time Limits for Reopening Stamp Duty Decisions
- 33.16 Time Limits for Claiming Repayment of Stamp Duty
- 33.17 Interest on Repayments of Duty
- 33.18 Mistakes in Deeds
- Chapter 34 Statutory Interpretation and Anti-Avoidance
- 34.1 Introduction
- 34.2 General Principles of Statutory Interpretation
- 34.3 Interpreting Tax Statutes
- 34.4 Economic Substance Doctrine
- 34.5 Stamp Duty Avoidance Schemes – Specific Examples
- 34.6 Interpretation Act 2005
- 34.7 Revenue Guidelines
- 34.8 General Anti-Avoidance Legislation
- 34.9 Specific Anti-Avoidance Legislation
- Appendix A1 Leases and Licences
- A1.1 Lease
- A1.2 Licence
- A1.3 Determining Whether a Document is a Lease or a Licence
- A1.4 Exclusive Possession
- A1.5 Intention to Create Legal Relations
- A1.6 Intention to Enter into Landlord and Tenant Relationship
- A1.7 Terms Inconsistent With a Licence
- A1.8 Terms Consistent or Inconsistent With a Lease
- A1.9 Independent Legal Advice
- Appendix A4 Companies’ Capital Duty
- A4.1 Introduction
- A4.2 Capital Company and Territorality
- A4.3 Exempt Companies
- A4.4 Effective Centre of Management
- A4.5 Chargeable Transactions
- A4.6 Common Situations Giving Rise to a Charge to Capital Duty
- A4.7 Amount on Which Capital Duty is Chargeable
- A4.8 Rate of and Procedure for Payment
- A4.9 Appeals in Certain Cases
- A4.10 Public Service and Charitable Companies
- A4.11 Relief for Share Issues Following a Recent Reduction of Issued Share Capital
- A4.12 Relief for Shares Issues in Connection with Redemption/Repurchase and Cancellation of Issued Shares
- A4.13 Re-issue of Treasury Shares
- A4.14 Relief for Certain Reconstructions or Amalgamations
- A4.15 Acquiring Company
- A4.16 Target Company
- A4.17 Share for Undertaking Swaps
- A4.18 Share for Share Swaps
- A4.19 Non-Share Consideration
- A4.20 Other Consideration Requirements
- A4.21 Clawback
- A4.22 Interaction with Stamp Duty Relief on Reconstructions and Amalgamations
- A4.23 Capital Duty Review and Appeal Procedures