Section 10 Adhesive stamps

Summary

This section provides—

• that where stamp duty is to be denoted by means of an adhesive stamp the adhesive stamp must be issued by the Revenue Commissioners. The only duty permitted to be denoted by an adhesive stamp is the duty on a bill of exchange (section 25(1));
• that where an adhesive stamp is used to denote the payment of duty the adhesive stamp must be cancelled, for example, by writing across it, thereby rendering it incapable of being used on any other instrument. A penalty of €630 is incurred if the adhesive stamp is not cancelled;
• for penalties in the event that anyone fraudulently interferes with an adhesive stamp, for example, by removing the stamp from the instrument.

Details

(1) Only adhesive stamps issued by the Revenue Commissioners may be used to denote any stamp duty permitted by law to be denoted by an adhesive stamp.

(2) An instrument on which duty may be denoted by means of an adhesive stamp will be deemed not to be duly stamped unless the adhesive stamp is cancelled. The adhesive stamp must be cancelled by the signatory (section 25(1)). An adhesive stamp is normally cancelled by the signatory writing his or her name or initials, or the name or initials of his or her firm, across it and adding the date on which it was so written. The cancellation must be such that the adhesive stamp cannot be used for any other instrument.

(3) Where more than one stamp is used each stamp so used must be cancelled in the manner laid down in subsection (2).

(4) If an adhesive stamp is not cancelled by the person obliged to do so that person will be liable to pay a penalty of €630.

(5)(a) A person who fraudulently removes the adhesive stamp or causes it to be removed from an instrument or affixes an adhesive stamp so removed to another instrument intending that the stamp be used again is, in addition to any other fine or penalty to which that person may be liable, guilty of an offence and the provisions of section 1078 of the Taxes Consolidation Act, 1997, apply to that offence.

(5)(b) Any person who—

• sells or offers for sale, or utters, an adhesive stamp fraudulently removed from an instrument, or
• utters any instrument to which to his or her knowledge an adhesive stamp has been affixed having been fraudulently removed from another instrument, is, in addition to any other fine or penalty to which that person may be liable, guilty of an offence and the provisions of section 1078 of the Taxes Consolidation Act, 1997, apply to that offence.

Relevant Date: Finance Act 2014