asked the Minister for Finance if he is aware that a person (name supplied) in County Meath is buying up farms, paying a deposit and then reselling the farms within a matter of months; that his name never appears on the sale documents and he takes whatever profit there is and pays no stamp duty or tax; and that this is what has happened in the case of two farms (details supplied) in County Meath; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Meath Land Purchases.
3.
So far as stamp duty is concerned the intermediate type of transaction referred to is specifically covered by section 58 (4) of the Stamp Act, 1891, in order to prevent an excessive incidence of duty on the same property over a relatively short period. I agree in principle with this relief which facilitates a wide range of bona fide transactions in land and other property. The Deputy will appreciate that if duty were imposed on an intermediate document it would not follow that the duty would necessarily be borne by one person rather than another. In general stamp duty is charged on documents, not on any particular party to the document.
Liability to certain other taxes could arise in respect of the transactions referred to. The matter has been noted for this purpose and a full investigation will be made on the earliest possible occasion.