Section 108A National Development Finance Agency, etc.

Summary

This section exempts from stamp duty all instruments executed on or after 1 January 2003 by or on behalf of the National Development Finance Agency in respect of any property being acquired by the Agency. In addition, subject to certain conditions, any instrument executed by a company set up by the Agency under section 5 of the National Development Finance Agency Act 2002 is also exempt from stamp duty where land is acquired from the Agency, from another company set up under section 5 of the Act or from a State authority referred to in section 1 of that Act.

Details

(1) “land” and “the Agency” are self-explanatory.

(2)(a) Stamp duty is not chargeable on any instrument executed by or on behalf of the National Development Finance Agency in respect of property being acquired by the Agency.

(2)(b) Acquisitions of land by a company, set up by the Agency under section 5 of the National Development Finance Agency Act 2002, from the Agency, from a company set up under section 5 of the National Development Finance Agency Act 2002 or from a State Authority referred to in section 1 of that Act are also exempt from stamp duty.

(3) The exemption under subsection (2)(b) will not apply to a company formed by the Agency under section 5 of the National Development Finance Agency Act 2002 unless, on the date the instrument is executed, the company is 100% beneficially owned, either directly or indirectly, by the State. In addition, the Minister for Finance must have received confirmation in writing from the Agency, on or before the date of execution of the instrument, that such company will remain indefinitely 100% beneficially owned by the State.

(4) A clawback of the relief, granted to a company under subsection (2)(b), will arise where the company subsequently disposes of the land or part of the land included in the exempt instrument, other than to a company formed by the Agency under section 5 of the National Development Finance Agency Act 2002 or where the company ceases to be 100% beneficially owned, either directly or indirectly, by the State. The clawback payable to the Revenue Commissioners is the amount of duty payable had the relief not applied (in the case of part disposal of land, the appropriate amount of duty relating to that part of the land), together with interest at a rate of 0.0219 per cent per day (see section 159D) from the date of the disposal or cessation to the date the clawback is remitted.

(5) Notwithstanding subsection (4), the maximum clawback (exclusive of interest) payable on any instrument will not exceed the amount of duty which would have been payable on the instrument had the exemption not applied in the first instance.

Relevant Date: Finance Act 2014