Finance Act 2017

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Amendment of Schedule 1 to Principal Act (stamp duties on instruments)

60. (1) Schedule 1 to the Principal Act is amended—

(a) in the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.”—

(i) in paragraph (4), by substituting “6 per cent” for “2 per cent”, and

(ii) in paragraph (5)(a)(ii)—

(I) by substituting “1 January 2021” for “1 January 2018”,

(II) by deleting “and the individual by whom the farm is being conveyed or transferred has not, at the date of conveyance or transfer attained the age of 67 years”, and

(III) by substituting “1 per cent of the consideration which is attributable to property which is not residential property” for “a duty of an amount equal to one-half of the ad valorem stamp duty which, but for the provisions of this paragraph, would be chargeable under this heading”,

and

(b) in the heading “LEASE.”—

(i) in paragraph (1), by substituting “€40,000” for “€30,000”, and

(ii) in paragraph (3)(b), by substituting “6 per cent” for “2 per cent”.

(2) Subsection (1)(a)(i) and (a)(ii)(III) and (b)(ii)—

(a) shall have effect as respects instruments executed on or after 11 October 2017, and

(b) shall not have effect as respects any instrument executed before 1 January 2018, where—

(i) the effect of the application of subsection (1) would be to increase the duty otherwise chargeable on the instrument, and

(ii) the instrument contains a statement, in such form as the Revenue Commissioners may specify, certifying that the instrument was executed solely in pursuance of a binding contract entered into before 11 October 2017.

(3) Subsection (1)(a)(ii)(I) and (II) and (b)(i) come into operation on the passing of this Act.

(4) The furnishing of an incorrect certificate for the purposes of subsection (2) shall be deemed to constitute the delivery of an incorrect statement for the purposes of section 1078 of the Taxes Consolidation Act 1997 .