Stamp Duty and Self Assessment

Introduction

Section 107 of the Finance Act 2012 and Schedule 3 thereto 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.

Commencement Date

The Minister for Finance has, by Finance Act 2012 (Section 107) (Specified Date) Order 2012 (S.I. No. 228 of 2012), ordered that the commencement date for the introduction of self assessment for Stamp Duty is 7 July 2012.

The Revenue Commissioners have also made Regulations as follows:

• Stamp Duty (E-Stamping of Instruments) (Amendment) Regulations 2012 (S.I. No. 233 of 2012), which provide that the existing Stamp Duty (E-Stamping of Instruments) Regulations 2009 (S.I. No. 476 of 2009), do not apply to instruments executed on or after 7 July 2012.
• Stamp Duty (E-Stamping of Instruments and Self Assessment) Regulations 2012 (S.I. No. 234 of 2012), which provide the necessary regulations for e-Stamping of instruments executed on or after 7 July 2012 in accordance with self assessment legislation.

E-Stamping System

The e-Stamping System has been updated to cater for the filing of Stamp Duty returns in accordance with the self assessment provisions.

Note: The self assessment provisions only apply to instruments executed on or after 7 July 2012. The existing Stamp Duty provisions continue to apply to instruments executed before that date.