Section 3 Variation of certain rates of duty by order

Summary

This section enables the Minister for Finance to exempt certain instruments from stamp duty or to reduce the rates of stamp duty on certain instruments – mainly instruments used by the financial services industry.

Details

(1), (2) The Minister for Finance may exempt from stamp duty (or reduce the rate of duty to which they are chargeable) all but the following instruments:

• instruments which relate to immovable property situated in the State or any rights or interest in such property,
• instruments which relate to any stock or share of a company having a register in the State,
• instruments which relate to any risk situated in the State in relation to the “INSURANCE” head of charge in Schedule 1, and
• bills of exchange.

(3) However, instruments relating to debt factoring are within the scope of the Minister’s powers as set out in subsection (1).

(4) The Minister may amend or revoke any order which s/he has made under the powers conferred on him or her by this section.

(5) Any orders made by the Minister must be laid before Dáil Éireann. If a resolution annulling the order is passed by Dáil Éireann within the time limit specified by this subsection then the order is annulled. However, anything previously done under the order remains valid.

(6) All orders made under this section must be subsequently ratified by the Oireachtas within the specified period. Orders which are not ratified cease to have effect from the end of the specified period. However, anything previously done under the order remains valid.

Relevant Date: Finance Act 2014