Vol. 493 No. 3
248 Mr. Durkan asked the Minister for Finance the date a 50 per cent reduction in stamp duty payable on the purchase of existing properties came into effect; if it is possible for a review to be undertaken of stamp duty paid at the higher rate on 20 March 1998; and if he will make a statement on the matter. [16091/98]
I assume the Deputy is referring to the revised stamp duty rates introduced by the Government as part of a package in response to the issue of rising house prices. Part II of the Finance (No. 2) Act, 1998, provides for the reduced rates of stamp duty on residential property. These rates apply to conveyances dated on or after 23 April 1998. Any conveyance which took place prior to 23 April, 1998 would have been liable for the previous rates of duty. Given that at that time the old rates of stamp duty would have been the appropriate rates requests for refunds of stamp duty paid at the old rates prior to 23 April 1998 have all been refused. Any reduction in the rate of a tax must have a commencement date. It is long standing policy that refunds of tax sought as a result of reductions in tax rates are refused. I do not intend to depart from this policy.
