Finance Act 2012 introduced changes to Stamp Duty to place it on a “self-assessment” basis in respect of instruments executed on or after a date to be specified by Ministerial Order. A recent Order provides that the commencement date was 7 July 2012.

Section 107 and Schedule 3 of Finance Act 2012 amended the Stamp Duty Consolidation Act 1999 to provide for full self-assessment for stamp duty. The key provisions introduced by Finance Act 2012 include:

• Abolition of the adjudication procedure.
• Introduction of a late filing surcharge.
• Expression of Doubt provisions.
• Reduction in the timeframe within which refunds of stamp duty can be claimed from 6 years to 4 years.

Readers should note that the self-assessment provisions only apply to instruments executed on or after 7 July 2012. Instruments executed before that date are subject to the existing Stamp Duty provisions.

Separate regulations (S.I. No. 233 of 2012 and S.I. No. 234 of 2012) have also been made to provide for eStamping of instruments executed on or after 7 July 2012.

Following the changes introduced in Finance Act 2012, changes have also been made to the eStamping system on Revenue Online Service (ROS) and the stamp duty return. Revenue published a guidance note on these changes which may be helpful for practitioners when filing returns.

The eStamping system will no longer apply adjudication to any instrument executed on or after 7 July 2012 and it follows practitioners will not have the option of selecting adjudication when filing a return. Returns must be filed on the basis of self-assessment to the stamp duty liability and there is no requirement to present the instrument to Revenue for examination.

However, under the new system, where there is a genuine doubt over the treatment of a matter in the return, practitioners can lodge an expression of doubt with Revenue by selecting the Expression of Doubt (EOD) tick box on the eStamping “consideration” screen.

According to Revenue's guidance note, the eStamping system will automatically route returns for instruments executed on or after 7 July into self-assessment by reference to the date entered on the return. Self-assessed will now be displayed on the summary and calculation screen and also to the “List All Details” button. The eStamping screens displayed for instruments executed before 7 July are unchanged.

Under the new self-assessment regime the return must be filed on or before 30 days after the date of execution. It would appear from the guidance note that Revenue concessionary practice to allow an extra 14 days and accept returns as filed on time where filed up to 44 days after execution will continue to apply.

As a brief reminder; stamp duty returns and payments must be filed online using the eStamping system on ROS. The ROS business digicert rather than a TAIN (Tax Adviser Information Number) digicert must be used to file the return. Payments can be made by ROS Debit Instruction (RDI) from a nominated bank account which will be in most cases, the firm's “client account”. Revenue will by concession, accept payment by Electronic Funds Transfer.

Further details on the main stamp duty changes and how they affect the eStamping system and stamp duty return are set out in Revenue guidance note which is reproduced on here.

In addition, helpful guidance on the calculation of the new late filing duty surcharge and interest calculation are also illustrated in the note on here.

Chartered Accountants Ireland has been involved in on-going consultation with Revenue on self-assessment for Stamp Duty and will continue to engage with Revenue on the practical implementation of the new regime.