PART 4

Stamp Duties

110 .— In this Part “ Principal Act ” means the Stamp Duties Consolidation Act 1999 .

111 .— (1) The Principal Act is amended—

(a) in section 1—

(i) by inserting the following after the definition of “die”:

“ ‘ electronic return ’ means a return that is required to be made to the Commissioners by means of the e-stamping system;

‘ e-stamping system ’ means the electronic system established by the Commissioners by means of which electronic returns can be made to, and stamp certificates can be issued by, the Commissioners;”,

(ii) by substituting the following paragraphs for paragraphs (b) and (c) of the definition of “stamp”:

“(b) any receipt in whatever form issued by or under the direction of the Commissioners,

(c) an adhesive stamp issued by or under the direction of the Commissioners, or

(d) a stamp certificate,”,

and

(iii) by substituting the following definitions for the definition of “stamped”:

“ ‘ stamp certificate ’ means a certificate issued electronically by the Commissioners by means of the e-stamping system;

‘ stamped ’, in relation to an instrument and material, applies as well to an instrument to which is attached a stamp certificate issued in respect of the instrument as to an instrument and material impressed with a stamp by means of a die and an instrument and material having an adhesive stamp affixed to it;”,

(b) in section 4 by substituting “impressed stamps or by attaching to the instrument the stamp certificate issued in respect of that instrument” for “impressed stamps only”,

(c) in section 8(2) by substituting “prescribed by the Commissioners; but where the instrument is stamped by means of the e-stamping system and subject to the Commissioners making regulations under section 17A in relation to when a statement is required to be delivered to them, then such statement is not required to be delivered but only if the evidence in relation to all the facts and circumstances, affecting the chargeability of the instrument to duty, are retained for a period of 4 years from the date the instrument is stamped and are made available to the Commissioners on request” for “prescribed by the Commissioners”,

(d) in section 12 by inserting the following after subsection (4):

“(5) Subsection (2) does not apply where the transfer or lease concerned is effected by an instrument which has been stamped by means of the e-stamping system.”,

(e) in section 14(4) by substituting “particular stamp or by way of inclusion in a stamp certificate issued in respect of that instrument” for “particular stamp”,

(f) by inserting the following after section 17:

“E-stamping regulations.

17A.— The Commissioners may make regulations with respect to the operation of the e-stamping system and those regulations may in particular, but without prejudice to the generality of the foregoing, include provision—

(a) for the commencement of the operation of the e-stamping system,

(b) for requiring instruments, or a specified class, or specified classes, of instruments, chargeable with stamp duty, to be stamped by means of the e-stamping system,

(c) for requiring delivery of information and the manner of its delivery in relation to the facts and circumstances affecting the chargeability of an instrument to duty,

(d) as to the making of an electronic return and the information that is required to be included in the return, including the manner in which the information is to be otherwise entered into the e-stamping system,

(e) as to how stamp duty is to be paid to the Commissioners in respect of an instrument which is to be stamped by means of the e-stamping system,

(f) as to the issue of stamp certificates denoting in respect of an instrument—

(i) that the stamp duty chargeable on the instrument (including any penalty) has been paid in accordance with the electronic return,

(ii) that the instrument has been duly stamped,

(iii) that the instrument is not chargeable with any stamp duty,

(iv) that the instrument is a duplicate or counterpart of an original instrument, or

(v) that the stamp duty with which the instrument is chargeable depends in any manner on the duty paid on another instrument,

(g) as to the issue, amendment or withdrawal of authorisations in relation to the use of the e-stamping system, and

(h) as to measures to protect the integrity of the e-stamping system.”,

and

(g) in section 20—

(i) in subsection (2) by substituting “has not been stamped and the Commissioners have not been required by any person to express their opinion as to the chargeability of the instrument to duty” for “has not been delivered to the Commissioners for assessment of duty or impressing of stamps”,

(ii) in subsection (4) by substituting “particular stamp, or a stamp certificate issued in respect of the instrument,” for “particular stamp”,

(iii) in subsection (5) by substituting “particular stamp, or a stamp certificate issued in respect of the instrument,” for “particular stamp”, and

(iv) in subsection (6) by substituting “stamped in accordance with subsection (4) or (5)” for “stamped with the particular stamp denoting either that it is not chargeable with any duty, or is duly stamped”.

(2) This section comes into operation on such day or days as the Minister for Finance may by order or orders appoint and different days may be appointed for different purposes or different provisions.

112 .— Section 5 of the Principal Act is amended by inserting the following after subsection (4):

“(5) Section 126B (inserted by the Finance Act 2008) shall, with any necessary modifications, apply to an account relating to a specified period within the meaning of this section as it applies to a statement within the meaning of that section.”.

113 .— (1) Section 45A of the Principal Act is amended in subsection (3) by substituting “is equal to the value of the dwellinghouse.” for “, or which would be so attributable if the contents of residential property were considered to be residential property, is equal to the value of the dwellinghouse and contents therein.”.

(2) This section applies as respects instruments executed on or after 5 November 2007.

114 .— (1) Section 75 of the Principal Act is amended—

(a) in subsection (1) by inserting the following before the definition of “excluded business”:

“ ‘ competent authority ’ has the meaning assigned to it by the Directive;

‘ Directive ’ means Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, as amended from time to time;”,

and

(b) by inserting the following after subsection (2):

“(2A) For the purposes of subsection (2), a transfer of securities shall be deemed to be effected on an exchange or market, where the transfer of securities gives effect to a transaction that is required by a competent authority, in accordance with the Directive, to be reported directly or indirectly to the competent authority and is so reported in accordance with that requirement.”.

(2) This section applies to instruments executed on or after 1 November 2007.

115 .— (1) Section 79 of the Principal Act is amended by inserting the following after subsection (9):

“(10) Subsection (1) shall not apply to an instrument conveying or transferring stocks or marketable securities (in this subsection referred to as the ‘second transfer’) to the extent of the consideration for the sale that is attributable to those of the stocks or marketable securities being conveyed or transferred that were conveyed or transferred immediately prior to the second transfer by an instrument or instruments, as the case may be, to which section 75, as inserted by the Finance Act 2007 , applied.”.

(2) This section applies as respects instruments executed on or after 31 January 2008.

116 .— Section 80 of the Principal Act is amended by substituting the following for subsection (1):

“(1) (a) In this section—

‘ acquiring company ’ means, subject to paragraph (b), a company with limited liability;

‘ shares ’ includes stock and references to the undertaking of a target company include references to a part of the undertaking of a target company.

(b) In respect of instruments executed on or after 1 June 2005, references to ‘ acquiring company’, ‘target company’ and ‘company’ shall be construed as including a reference to a society registered under the Industrial and Provident Societies Act 1893.”.

117 .— (1) Section 83A of the Principal Act is amended in subsection (3)(b) by substituting “€500,000” for “€254,000” in each place where it occurs.

(2) This section applies as respects instruments executed on or after 5 December 2007.

118 .— (1) Section 85 of the Principal Act is amended in subsection (2)—

(a) by deleting paragraph (b)(iii), and

(b) by substituting the following for subparagraph (v) of paragraph (b):

“(v) does not carry a right to a sum in respect of repayment or interest which is related to certain movements in an index or indices (based wholly or partly and directly or indirectly on stocks or marketable securities) specified in any instrument or other document relating to the loan capital,”.

(2) This section applies to transfers of loan capital made on or after the date of the passing of this Act.

119 .— (1) The Principal Act is amended by inserting the following after section 88C:

“88D.— (1) Subject to subsection (2), stamp duty shall not be chargeable on an instrument made for the purposes of or in connection with a scheme for the reconstruction or amalgamation of an investment undertaking to which subsections (1), (1A) and (1B) (inserted by the Finance Act 2008) and (2) of section 739H of the Taxes Consolidation Act 1997 apply.

(2) Subsection (1) shall not apply to an instrument made for the purposes of or in connection with a scheme for the reconstruction or amalgamation of a common contractual fund within the meaning of section 739I(1)(a)(ii) of the Taxes Consolidation Act 1997 .”.

(2) This section applies as respects instruments executed on or after the date of the passing of this Act.

120 .— (1) The Principal Act is amended by inserting the following after section 90:

“90A.— (1) In this section—

‘ Directive ’ means Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC of 24 September 1996;

‘ greenhouse gas emissions allowance ’ means—

(a) an allowance, permit, licence or right to emit during a specified period, a specified amount of carbon dioxide or any other greenhouse gas as defined in the Directive where such allowance, permit, licence or right is issued by a State or by an inter-governmental or supra-national institution pursuant to a scheme which—

(i) imposes limitations on the emission of such greenhouse gases, and

(ii) allows the transfer for value of such allowances, permits, licences or rights, or

(b) any right that is directly attributable to anything within paragraph (a).

(2) Subject to subsection (3), stamp duty shall not be chargeable under or by reference to any heading in Schedule 1 on an instrument for the sale, transfer or other disposition of a greenhouse gas emissions allowance.

(3) Where stamp duty is chargeable on an instrument under or by reference to any heading in Schedule 1 and part of the property concerned consists of a greenhouse gas emissions allowance—

(a) the consideration in respect of which stamp duty would otherwise be chargeable shall be apportioned, on such basis as is just and reasonable, as between the part of the property which consists of a greenhouse gas emissions allowance and the part which does not, and

(b) the instrument shall be chargeable only in respect of the consideration attributable to such of the property as is not a greenhouse gas emissions allowance.

(4) The amount or value of the consideration attributable to a greenhouse gas emissions allowance, shall be disregarded for the purposes of the statement provided for in paragraphs 7 to 14A of 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’ and any statement referred to in those paragraphs shall be construed accordingly.

(5) Where part of the property referred to in subsection (1) of section 45 consists of a greenhouse gas emissions allowance, that subsection shall have effect as if the words ‘in such manner as is just and reasonable’ were substituted for ‘in such manner, as the parties think fit’.

(6) Where part of the property referred to in subsection (3) of section 45 consists of a greenhouse gas emissions allowance and both or, as the case may be, all the relevant persons are connected with one another, that subsection shall have effect as if the words ‘, the consideration shall be apportioned in such manner as is just and reasonable, so that a distinct consideration for each separate part or parcel is set forth in the conveyance relating to such separate part or parcel, and such conveyance shall be charged with ad valorem duty in respect of such distinct consideration’ were substituted for ‘for distinct parts of the consideration, then the conveyance of each separate part or parcel shall be charged with ad valorem duty in respect of the distinct part of the consideration specified in the conveyance’.

(7) For the purposes of subsection (6), a person is a relevant person if that person is a person by or for whom the property is contracted to be purchased and the question of whether persons are connected with one another shall be construed in accordance with section 10 of the Taxes Consolidation Act 1997 and as if the reference to the Capital Gains Tax Acts in the definition of ‘relative’ in that section was replaced by a reference to the Stamp Duties Consolidation Act 1999 .

(8) Where subsection (5) or (6) applies, and the consideration is apportioned in a manner that is not just and reasonable, the conveyance relating to the separate part or parcel of property shall be chargeable with ad valorem duty as if the value of that separate part or parcel of property were substituted for the distinct consideration set forth in that conveyance.”.

(2) This section applies as respects instruments executed on or after 5 December 2007.

121 .— (1) The Principal Act is amended by inserting the following section after section 106A:

“106B.— Stamp duty shall not be chargeable on any instrument giving effect to the conveyance, transfer or lease of a house, building or land by or to—

(a) a housing authority in connection with any of its functions under the Housing Acts 1966 to 2004, or

(b) the Affordable Homes Partnership established under article 4(1) of the Affordable Homes Partnership (Establishment) Order 2005 (S.I. No. 383 of 2005) in connection with the services specified in article 4(2) of that order, as amended by the Affordable Homes Partnership (Establishment) Order 2005 (Amendment) Order 2007 (S.I. No. 293 of 2007).”.

(2) Section 8 of the Housing (Miscellaneous Provisions) Act 1992 is repealed.

(3) This section applies to instruments executed on or after the date of the passing of this Act.

122 .— (1) Chapter 2 of Part 7 of the Principal Act is amended—

(a) in section 91 by inserting the following after subsection (2):

“(2A) Notwithstanding subsection (2)(b), subsection (2)(c) shall not apply to an instrument to which subsection (1) applied to the extent that any rent or payment in the nature of rent, for the use of the dwellinghouse or apartment or any part of the dwellinghouse or apartment, is derived—

(a) on or after 5 December 2007, and

(b) after the expiration of a period of 2 years which commences on the date of the execution of the instrument concerned.”,

(b) in section 91A—

(i) in subsection (4)(b) by substituting “2 years” for “5 years”, and

(ii) by inserting the following after subsection (6):

“(6A) Notwithstanding subsection (4), subsection (6) shall not apply to an instrument, being an instrument executed before 5 December 2007, to which subsection (3) applied to the extent that any rent or payment in the nature of rent, for the use of the dwellinghouse or apartment or any part of the dwellinghouse or apartment, is derived—

(a) on or after 5 December 2007, and

(b) after the expiration of a period of 2 years which commences on the date of the execution of the instrument concerned.”,

(c) in section 92—

(i) in subsection (1)(b)(ii) by substituting “2 years” for “5 years”, and

(ii) by inserting the following after subsection (2):

“(2A) Notwithstanding subsection (1)(b), subsection (2) shall not apply to an instrument, being an instrument executed before 5 December 2007, to which subsection (1)(a) applied to the extent that any rent or payment in the nature of rent, for the use of the dwellinghouse or apartment or any part of the dwellinghouse or apartment, is derived—

(a) on or after 5 December 2007, and

(b) after the expiration of a period of 2 years which commences on the date of the execution of the instrument concerned.”,

and

(d) in section 92B—

(i) in subsection (1)—

(I) by substituting “In this section—” for “In this section”,

(II) in the definition of “first time purchaser”—

(A) by inserting “, in relation to a purchaser,” before “means”, and

(B) by substituting “27 June 2000;” for “27 June 2000.” where it last occurs,

and

(III) by inserting the following after the definition of “first time purchaser”:

“ ‘ purchaser ’ means an individual who purchases a dwellinghouse or apartment or an interest in a dwellinghouse or apartment, where the consideration for the purchase required to be paid by the individual is derived from the individual’s own means, which may be or may include consideration derived from—

(a) an unconditional gift, or

(b) a bona fide loan evidenced in writing,

made to the individual for the purposes of the purchase concerned.”,

(ii) by inserting the following subsections after subsection (1):

“(1A) For the purposes of the definition of ‘ purchaser ’—

(a) a gift shall be deemed not to be an unconditional gift where the donor of the gift concerned—

(i) is not a party to the instrument giving effect to the purchase of the dwellinghouse or apartment or the interest in the dwellinghouse or apartment, and

(ii) (I) intends to occupy or does occupy the dwellinghouse or apartment with the purchaser as the only or principal place of residence of each of them, or

(II) as part of an understanding or agreement can have—

(A) the dwellinghouse or apartment or the interest in the dwellinghouse or apartment, or

(B) a part of the dwellinghouse or apartment or a part of the interest in the dwellinghouse or apartment,

transferred to that donor at some time after the date of execution of the instrument concerned,

and

(b) where some or all of the consideration, required to be paid by the purchaser for the purchase of the dwellinghouse or apartment or the interest in the dwellinghouse or apartment, is derived from a loan, and where the individual making the loan—

(i) is not a party to the instrument giving effect to the purchase of the dwellinghouse or apartment or the interest in the dwellinghouse or apartment, and

(ii) (I) intends to occupy or does occupy the dwellinghouse or apartment with the purchaser as the only or principal place of residence of each of them, or

(II) as part of an understanding or agreement can have—

(A) the dwellinghouse or apartment or the interest in the dwellinghouse or apartment, or

(B) a part of the dwellinghouse or apartment or a part of the interest in the dwellinghouse or apartment,

transferred to the individual who made the loan at some time after the date of execution of the instrument concerned,

then such loan shall not be regarded as a bona fide loan.

(1B) Subsection (1A) shall not apply to a purchaser, where the donor of the gift, or the individual making the loan, to the purchaser is a parent of the purchaser.”,

(iii) in subsection (2) by substituting “paragraphs (2) to (4)” for “paragraphs (2) to (6A)” and “clauses (ii) to (iv)” for “clauses (ii) to (vii)”,

(iv) in subsection (3)(b)(ii) by substituting “2 years” for “5 years”, and

(v) by inserting the following after subsection (4):

“(4A) Notwithstanding subsection (3), subsection (4) shall not apply to an instrument, being an instrument executed before 5 December 2007, to which subsection (2) applied to the extent that any rent or payment in the nature of rent, for the use of the dwellinghouse or apartment or any part of the dwellinghouse or apartment, is derived—

(a) on or after 5 December 2007, and

(b) after the expiration of a period of 2 years which commences on the date of the execution of the instrument concerned.”.

(2) (a) Paragraphs (a), (b)(ii), (c)(ii) and (d)(v) of subsection (1) are deemed to have applied as on and from 5 December 2007.

(b) Paragraphs (b)(i), (c)(i) and (d)(iv) of subsection(1) apply as respects instruments executed on or after 5 December 2007.

(c) Subparagraphs (i) and (ii) of subsection (1)(d) apply as respects instruments executed on or after 31 January 2008.

(d) Paragraph (d)(iii) of subsection (1) applies as respects instruments executed on or after 5 November 2007.

123 .— (1) Part 9 of the Principal Act is amended—

(a) in section 123B—

(i) in subsection (1) by inserting the following after the definition of “cash card”:

“ ‘ chargeable period ’ means the year 2008 and each subsequent year;”,

(ii) in subsection (4)—

(I) in paragraphs (a) and (b) by substituting “€5” for “€10”, and

(II) in paragraph (c) by substituting “€10” for “€20”, and

(iii) in subsection (5) by inserting “, less any preliminary duty charged on a statement required to be delivered in accordance with section 123C in respect of the same chargeable period,” before “shall be paid”,

(b) in section 124—

(i) in subsection (1)(a) by inserting the following after the definition of “bank”:

“ ‘ chargeable period ’ means the 12 month period ending on 1 April 2009 and each subsequent 12 month period;”,

(ii) in subsection (1)(c) by substituting “€30” for “€40”,

(iii) in subsection (2)—

(I) in paragraph (a) by inserting the following after the definition of “account holder”:

“ ‘ chargeable period ’ means the 12 month period ending on 1 April 2009 and each subsequent 12 month period;”,

and

(II) in paragraph (c) by substituting “€30” for “€40”,

(iv) in subsection (4) in paragraphs (a) and (b) by inserting “, less any preliminary duty charged on a statement required to be delivered in accordance with section 124A in respect of the same chargeable period,” before “shall be paid”,

(v) in subsection (5)(b) by substituting “required to be paid in accordance with this section” for “chargeable on any such statement on delivery of that statement”, and

(vi) in subsection (7) by inserting “at the end of the relevant period or at the time when the account maintained by the bank or promoter in the name of the account holder is closed where that occurs during the relevant period” before “and may apply”,

(c) by inserting the following section after section 123B:

“Preliminary duty: cash, combined and debit cards.

123C.— (1) In this section—

‘ accountable person ’ means a bank or building society within the meaning of section 123B;

‘ base period ’, in relation to a due date, means the year ending immediately before the due date in respect of which a statement is required to be delivered to the Commissioners under section 123B;

‘ chargeable period ’, in relation to a due date, means the year ending immediately after the due date in respect of which a statement is required to be delivered to the Commissioners under section 123B;

‘ due date ’ means—

(a) in respect of the year 2008, 15 December in that year, and

(b) in respect of any year subsequent to the year 2008, 15 December in that year;

‘ preliminary duty ’, in relation to a chargeable period ending immediately after a due date, means an amount determined by the formula—

A x B

where—

A is an amount equal to the stamp duty charged on a specified statement in respect of the base period ending immediately prior to the due date, and

B is 80 per cent;

‘ specified statement ’ means a statement within the meaning of section 123B.

(2) This section applies to an accountable person who is required to deliver to the Commissioners a specified statement in respect of a base period.

(3) An accountable person shall in the year 2008 and each subsequent year, not later than the due date in respect of that year, deliver to the Commissioners a statement in writing showing the stamp duty charged on the specified statement for that person in respect of the base period.

(4) Where at any time in a period commencing after the expiration of a base period and ending immediately before the due date relating to the base period—

(a) an accountable person ceased to carry on a business in the course of which the person was required to deliver a specified statement for the base period, and

(b) another person (in this subsection referred to as the ‘successor person’) acquires the whole, or substantially the whole, of the business,

then the successor person shall deliver a statement on the due date in accordance with subsection (3) as if the successor person was the accountable person.

(5) There shall be charged on any statement delivered in accordance with subsection (3) a stamp duty equal to the amount of the preliminary duty.

(6) The stamp duty charged by subsection (5) on a statement delivered by an accountable person pursuant to subsection (3) shall be paid by the person upon delivery of the statement.

(7) There shall be furnished to the Commissioners by an accountable person such particulars as the Commissioners may require in relation to any statement required by this section to be delivered by the person.

(8) In the case of failure by an accountable person—

(a) to deliver any statement required to be delivered by that person under subsection (3), or

(b) to pay the duty charged on any such statement,

on or before the due date in respect of the year concerned, the person shall, from the due date concerned until the day on which the stamp duty is paid, be liable to pay, by way of penalty, in addition to the stamp duty, interest on the stamp duty, calculated in accordance with section 159D and also from 15 December of the year in which the statement is to be delivered in accordance with subsection (3), by way of a further penalty, a sum of €380 for each day the duty remains unpaid and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.

(9) The delivery of any statement required by subsection (3) may be enforced by the Commissioners under section 47 of the Succession Duty Act 1853 in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(10) Where—

(a) the preliminary duty charged on a statement has been paid in whole or in part by an accountable person in respect of a due date, and

(b) the duty charged on a specified statement in respect of the chargeable period ending immediately after the due date is an amount which is less than the preliminary duty charged in respect of the due date,

then the preliminary duty paid, to the extent that it exceeds the duty charged on the specified statement concerned, shall be repaid.

(11) Where at any time in a period commencing after a due date and ending before the expiration of the chargeable period ending immediately after the due date—

(a) the person (in this subsection referred to as the ‘predecessor person’) ceased to carry on a business in the course of which the person was required to deliver to the Commissioners a statement under this section in respect of the due date,

(b) the person delivered the statement and paid the stamp duty charged on such statement, and

(c) another person (in this subsection referred to as the ‘successor person’) acquires the whole, or substantially the whole, of the business,

then the successor person shall be entitled to deduct the stamp duty charged on the statement delivered by the predecessor person in respect of that due date from the duty charged on the specified statement in respect of the chargeable period ending immediately after the due date which the successor person is required to deliver in respect of the business acquired.

(12) The stamp duty and any penalty payable under this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty payable by the accountable person which is under the care and management of the Commissioners.”,

and

(d) by inserting the following section after section 124:

“Preliminary duty: credit and charge cards.

124A.— (1) In this section—

‘ accountable person ’ means a bank or promoter within the meaning of section 124;

‘ base period ’, in relation to a due date, means the 12 month period ending on 1 April immediately before the due date in respect of which a statement is required to be delivered to the Commissioners under section 124;

‘ chargeable period ’, in relation to a due date, means the 12 month period ending on 1 April immediately after the due date commencing with the 12 month period ending on 1 April 2009 and each subsequent 12 month period in respect of which a statement is required to be delivered to the Commissioners under section 124;

‘ due date ’ means—

(a) in respect of the 12 month period ending on 1 April 2009, 15 December 2008, and

(b) in respect of each subsequent 12 month period, 15 December in the preceding year;

‘ preliminary duty ’, in relation to a chargeable period ending immediately after a due date, means an amount determined by the formula—

A x B

where—

A is an amount equal to the stamp duty charged on a specified statement in respect of the base period ending immediately prior to the due date, and

B is 80 per cent;

‘ specified statement ’ means a statement within the meaning of subsection (1) or, as the case may be, subsection (2) of section 124.

(2) This section applies to an accountable person who is required to deliver to the Commissioners a specified statement in respect of a base period.

(3) An accountable person shall in the year 2008 and each subsequent year, not later than the due date in respect of that year, deliver to the Commissioners a statement in writing showing the stamp duty charged on the specified statement for that person in respect of the base period.

(4) Where at any time in a period commencing after the expiration of a base period and ending immediately before the due date relating to the base period—

(a) an accountable person ceased to carry on a business in the course of which the person was required to deliver a specified statement for the base period, and

(b) another person (in this subsection referred to as the ‘successor person’) acquires the whole, or substantially the whole, of the business,

then the successor person shall deliver a statement on the due date in accordance with subsection (3) as if the successor person was the accountable person.

(5) There shall be charged on any statement delivered in accordance with subsection (3) a stamp duty equal to the amount of the preliminary duty.

(6) The stamp duty charged by subsection (5) on a statement delivered by an accountable person pursuant to subsection (3) shall be paid by the person upon delivery of the statement.

(7) There shall be furnished to the Commissioners by an accountable person such particulars as the Commissioners may require in relation to any statement required by this section to be delivered by the person.

(8) In the case of failure by an accountable person—

(a) to deliver any statement required to be delivered by that person under subsection (3), or

(b) to pay the duty charged on any such statement,

on or before the due date in respect of the year concerned, the person shall, from the due date concerned until the day on which the stamp duty is paid, be liable to pay, by way of penalty, in addition to the stamp duty, interest on the stamp duty, calculated in accordance with section 159D and also from 15 December of the year in which the statement is to be delivered in accordance with subsection (3), by way of a further penalty, a sum of €380 for each day the duty remains unpaid and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.

(9) The delivery of any statement required by subsection (3) may be enforced by the Commissioners under section 47 of the Succession Duty Act 1853 in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(10) Where—

(a) the preliminary duty charged on a statement has been paid in whole or in part by an accountable person in respect of a due date, and

(b) the duty charged on a specified statement in respect of the chargeable period ending immediately after the due date is an amount which is less than the preliminary duty charged in respect of the due date,

then the preliminary duty paid, to the extent that it exceeds the duty charged on the specified statement concerned, shall be repaid.

(11) Where at any time in a period commencing after a due date and ending before the expiration of the chargeable period ending immediately after the due date—

(a) the person (in this subsection referred to as the ‘predecessor person’) ceased to carry on a business in the course of which the person was required to deliver to the Commissioners a statement under this section in respect of the due date,

(b) the person delivered the statement and paid the stamp duty charged on such statement, and

(c) another person (in this subsection referred to as the ‘successor person’) acquires the whole, or substantially the whole, of the business,

then the successor person shall be entitled to deduct the stamp duty charged on the statement delivered by the predecessor person in respect of that due date from the duty charged on the specified statement in respect of the chargeable period ending immediately after the due date which the successor person is required to deliver in respect of the business acquired.

(12) The stamp duty and any penalty payable under this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty payable by the accountable person which is under the care and management of the Commissioners.”.

(2) (a) Subparagraphs (i) and (iii) of subsection (1)(a) have effect as respects any statement that falls to be delivered by a bank or building society after 31 December 2008.

(b) Subsection (1)(a)(ii) has effect as respects any statement that falls to be delivered by a bank or building society after 31 December 2007.

(c) Subparagraphs (i), (iii)(I), (iv), (v) and (vi) of subsection (1)(b) have effect as respects any statement that falls to be delivered by a bank or promoter after 1 April 2009.

(d) Subparagraphs (ii) and (iii)(II) of subsection (1)(b) have effect as respects any statement that falls to be delivered by a bank or promoter after 1 April 2008.

124 .— The Principal Act is amended by inserting the following section after section 126A:

“126B.— (1) In this section—

‘ relevant person ’ means—

(a) a bank or building society within the meaning of section 123, 123A or 123B,

(b) an accountable person within the meaning of section 123C (inserted by the Finance Act 2008) or 124A (inserted by the Finance Act 2008),

(c) a bank or promoter within the meaning of section 124, or

(d) an insurer within the meaning of section 125;

‘ Appeal Commissioners ’ has the meaning assigned to it by section 850 of the Taxes Consolidation Act 1997 ;

‘ specified section ’ means section 123, 123A, 123B, 123C, 124, 124A or 125.

(2) Where, at any time, it appears to the Commissioners, that a relevant person—

(a) has failed to deliver a statement, or

(b) has not delivered a full and proper statement,

required to be delivered under a specified section, the Commissioners may make an assessment on the relevant person of the amount which, to the best of their judgment, is the amount of stamp duty which would have been charged on the statement if it had been delivered and if it were full and proper.

(3) The Commissioners may serve notice in writing of the assessment of stamp duty on any relevant person.

(4) Subject to subsection (5), where an assessment is made on a relevant person under subsection (2), the relevant person shall be liable—

(a) where the relevant person has failed to deliver a statement, for the payment of the stamp duty assessed, and any penalty in relation to the duty as if the duty was charged on the statement, unless on delivery of the statement to them, the Commissioners make another assessment to be substituted for such assessment, or

(b) where the relevant person has not delivered a full and proper statement, for payment of the stamp duty assessed, and any penalty relating to the duty as if the duty was charged on the statement,

and such duty and penalty shall be deemed to be a debt due by the relevant person to the Minister for the benefit of the Central Fund and shall be payable to the Commissioners and may be sued for and recovered by action as if it were a debt due by virtue of section 2(4).

(5) A relevant person who is dissatisfied with an assessment of the Commissioners made on the person under subsection (2) may, on payment of the duty in conformity with the assessment, appeal to the Appeal Commissioners against the assessment by giving notice in writing to the Commissioners within 30 days of the date of the assessment, and the appeal shall be heard and determined by the Appeal Commissioners whose determination shall be final and conclusive unless the appeal is required to be reheard by a judge of the Circuit Court or a case is required to be stated in relation to it for the opinion of the High Court on a point of law.

(6) Subject to this section, Chapter 1 of Part 40 (Appeals) of the Taxes Consolidation Act 1997 , shall, with any necessary modifications, apply as it applies for the purpose of income tax.

(7) If at any time it appears that for any reason an assessment is incorrect the Commissioners shall make such other assessment as they consider appropriate, which assessment shall be substituted for the first-mentioned assessment.

(8) If at any time it appears that for any reason the assessment was an underassessment the Commissioners shall make such additional assessment as they consider appropriate.

(9) Where an assessment referred to in this section becomes final and conclusive, the assessment shall have the same force and effect as if it were an assessment in respect of which no notice of appeal had been given, and subsection (4) shall apply accordingly.

(10) Where a statement required to be delivered under a specified section has been delivered to the Commissioners, the stamp duty charged on the statement, and any penalty in relation to the duty shall be recoverable in the same manner as the duty on an instrument referred to in section 2(4), is recoverable.”.

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

(a) in the Heading “BILL OF EXCHANGE” by substituting “€0.30” for “€0.15”,

(b) by substituting the paragraphs set out in Part 1 of Schedule 5 for paragraphs (1) to (6A) 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”,

(c) in paragraph (1) of the Heading “LEASE” by substituting “€30,000” for “€19,050”, and

(d) by substituting the subparagraph set out in Part 2 of Schedule 5 for subparagraph (a) of paragraph (3) of the Heading “LEASE”.

(2) (a) Subsection (1)(a) applies as respects bills of exchange drawn on or after 6 December 2007.

(b) Paragraphs (b) and (d) of subsection (1) apply as respects instruments executed on or after 5 November 2007.

(c) Subsection (1)(c) applies as respects instruments executed on or after the date of the passing of this Act.