CHAPTER 2

Other instruments

Section 84 Repayment of stamp duty on certain transfers of shares

Summary

The purpose of the section is to provide for the repayment of the stamp duty paid on a transfer on sale of shares which have been sold by a member (or technically “a participant”) of a profit sharing scheme who acquired the shares under the scheme and has held them for the requisite number of years.

Details

(1) “approved scheme”, “participant”, “the release date” and “shares” are defined in section 509 of the Taxes Consolidation Act 1997.

(2) The Revenue Commissioners will refund the stamp duty paid on a transfer on sale of shares where they are satisfied that the shares were sold, after the release date, by, or on behalf of, a person (i.e. a participant) who acquired them under an approved scheme. While this section does not specify a time limit for submitting claims for refund, a 4 year time limit is provided for by section 159A from the date the transfer is stamped, in respect of a valid claim for refund other than a valid claim made on or before 31 December 2004 in respect of a refund claim arising on or before 25 March 2003 (i.e. the date of passing of the Finance Act 2003). Interest may arise on the refund – see section 159B. Claims for a refund should be accompanied by the original stamped instruments.

Relevant Date: Finance Act 2014