Transitional measures provided for in Finance Bill 2017 to deal with the 4 percent increase in the stamp duty rate on certain commercial property will not become law until the Finance Bill is enacted. Following engagement with Revenue at the TALC forum, arrangements have been put in place to administer the transitional arrangements prior to enactment of the Finance Bill.

The Bill introduced transitional measures for the 4 percent increase in the stamp duty rate on commercial property which came into effect by Financial Resolution on Budget night. The transitional measures provide that stamp duty at a rate of 2 percent will apply to binding contracts that were entered into before 11 October 2017 once the instrument effecting the transfer is executed before 1 January 2018. The instrument must contain a statement (in a form specified by Revenue) stating that a binding contract was entered into before 11 October 2017.

However, these transitional measures will not become law until the Finance Bill is enacted, which in recent years has been the end of December. Following detailed discussions with Revenue at the TALC forum, Revenue has confirmed admisitravtive arrangements per eBrief No. 94/2017.

You can read about the transitional measures and an analysis of the Finance Bill 2017 measures in the feature article by Kimberley Rowan on here.