Section 76 Obligations of system-members

Summary

A system-member must keep particulars of transfers on which no stamp duty is paid, for example, where an exemption from stamp duty is claimed. Provisions similar to those in section 8 will apply if stamp duty is underpaid as a result of fraud or neglect.

Details

(1) A system-member must retain evidence in legible written form, or readily convertible into such a form, of each instruction entered into the system on which no duty will be calculated by the system. The evidence must be retained for 6 years from the date of the instrument and must be made available to the Revenue Commissioners on request.

(2) A system-member which does not comply with the provisions of subsection (1) will be liable to a penalty of €1,265 for each default.

(3), (4) For penalties incurred before 24 December 2008, provisions similar to those contained in sections 8(3) and (4) will apply to incorrect instructions entered fraudulently or negligently into the system. For penalties incurred on or after 24 December 2008 see section 134A(2)(b).

(5) An incorrect instruction to which subsection (3) or section 134A(2)(b) applies is deemed to be the production of an incorrect document for the purpose of section 1078(2)(d) of the Taxes Consolidation Act, 1997, and is, therefore, a revenue offence.

Relevant Date: Finance Act 2014