Dáil Éireann Debate, Wednesday - 8 November 2017
95. Deputy Kevin O'Keeffe asked the Minister for Finance if commercial sales contracts signed prior to budget 2018 will be closed with immediate effect and not have to wait until mid-December 2017 when the Finance Bill 2017 is enacted in view of the additional and major costs that will be incurred in the interim. [47251/17]
Amharc ar fhreagraThe 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 enactment of the Finance Bill.
I am advised by Revenue that it has now put arrangements in place for these transitional measures. A person who files a stamp duty return before the enactment of the Finance Bill and who is satisfied that the transitional measures would apply if the Finance Bill was enacted, has two options. He or she may-
1. File a return through the e-stamping system, pay stamp duty at the rate of 6% and be issued with a stamp certificate. On enactment of the Finance Bill, the filer can then request a refund of the difference in the stamp duty paid between the 2% and 6% rates by amending the return and submitting the relevant documentation to Revenue, or
2. File a return through the e-stamping system and pay the stamp duty at the rate of 2%, in which case a stamp certificate will not be issued. On enactment of the Finance Bill, Revenue will publish information on how the postponed stamp certificate can be obtained.
