I propose to take Questions Nos. 196 and 213 together.
The rate of Stamp Duty on commercial property was increased to 6% by way of Budget Day Resolution and applies in relation to all relevant conveyances executed after midnight on Budget day. In order to avoid changing the cost structures of contracts entered into prior to that date, I have introduced measures in the Finance Bill that will allow for the lower rate of 2% to continue to apply to contracts where the parties entered into binding contracts prior to the commencement of the new rate and where the conveyance is executed on or before 31 December of this year.
These transitional measures will come into effect on the passing into law of the Finance Bill.
In order to facilitate taxpayers, Revenue has agreed to accept payment of stamp duty in respect of conveyances or transfers that will qualify for the transitional measures at the lower 2% rate and they will withhold the stamping certificate until after the enactment of the Bill.
In relation to the scenarios outlined by Deputy McLoughlin I am advised that the taxpayers concerned should consult with their legal advisors to determine whether they had, in fact, entered into binding contracts prior to the coming into effect of the Budget Day Resolution and indeed whether the conveyances or transfers will be executed on or before 31 December of this year.