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Finance Bill (No.2) 2008
28 November 2008
Stamp Duty Incentive waiving Penalties on Unstamped Executed Documents
Finance Bill (No. 2) 2008 introduces a significant Stamp Duty incentive intended to encourage the stamping of documents which have been executed but not stamped prior to the enactment of the Finance Bill. It is hoped that this measure will facilitate a smooth transition to e-stamping.
The incentive is the introduction of a 56 day waiver of penalties that will apply from the date of enactment of the Bill for all executed but unstamped documents provided the documents are presented for stamping along with the appropriate stamp duty and interest. The penalties that will be waived are the €25 penalty and the 10%, 20% and 30% late stamping penalties.
It is anticipated that the Finance Bill will be enacted on 23 December 2008. If enacted on this date this will require the instruments to be presented to the Revenue and the Stamp Duty and interest to be paid by 13 February 2009.
Resting on contract
The anti avoidance rules against property resting on contract were introduced in the Finance Act 2007 and remain subject to a Commencement Order. The Finance Bill amends this section (S 31A and 31B of the Stamp Duty Consolidation Act) by excluding certain exemptions from the provisions. Public private partnerships and certain capital allowance incentive schemes are now exempt from this section.
For further information, please contact Cormac Brown, Director of Taxation, or tel:+353 1 614 5099
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