76 Obligations of system-members.

[FA1996 s108]

(1) Where an instruction is entered or is caused to be entered in a relevant system by a system-member, and the effect of that instruction is that no stamp duty is calculated by the relevant system, that system-member shall retain evidence in legible written form, or readily convertible into such a form, for a period of ^[3]>3 years^<[3][3]>6 years^<[3] from the date of such instruction, in sufficient detail to establish that the related operator-instruction is not chargeable with stamp duty, and the system-member shall make any such evidence available to the Commissioners on request.

(2) A system-member who fails to comply with subsection (1) shall be liable to a penalty of ^[1]>£1,000^<[1][1]>€1,265^<[1].

(3) ^[5]>Where a system-member^<[5][5]>Where a system-member, before the passing of the Finance (No. 2) Act 2008,^<[5] fraudulently or negligently enters or causes to be entered an incorrect instruction in a relevant system and such incorrect instruction gives rise to an underpayment of stamp duty, or results in a claim for exemption from duty to which there is no entitlement, that system-member shall incur a penalty of ^[2]>£1,000^<[2][2]>€1,265^<[2] together with the amount^[4]>, or twice the amount in the case of fraud,^<[4] of the difference between the duty so paid (if any) and the duty which would have been payable if the instruction had been entered correctly.

(4) A system-member shall be deemed to have acted negligently for the purposes of subsection (3) if it comes to the system-member’s notice, or it would have come to the system-member’s notice if the system-member had taken reasonable care, that an incorrect instruction has resulted in an underpayment of stamp duty, unless the system-member notifies the Commissioners accordingly, in writing, without unreasonable delay.

(5) An incorrect instruction to which ^[6]>subsection (3)^<[6][6]>subsection (3) of this section or section 134A(2)(b), as the case may be,^<[6] applies shall be deemed to be the production of an incorrect document for the purposes of section 1078(2)(d) of the Taxes Consolidation Act, 1997.