F(No.2)A08 s81 provided for the waiving of penalties on instruments presented within 56 days of the passing of the Act, the closing date being 17 February. Per evidence from the Revenue Chairman to the Public Accounts Committee, the yield from the scheme is close to €30 million from 1,960 instruments.

The Chairman went on to clarify to the PAC that the eventual yield could be slightly higher. Apparently the yield is made up of €24 million in stamp duty and €6 million in interest.

This breakdown may suggest that the interest roll-up arrangement offered by Revenue was availed of in many instances. Per Revenue eBrief 5/09 “where the unpaid duty was chargeable on an instrument executed before 17 February 1999 it will be deemed, for interest calculation purposes, to be chargeable from that date.” Given that interest on late payment of Stamp Duty is currently charged at 10% per annum, this should (in round figures) limit the interest payable to 100% of the Stamp Duty on instruments more than 10 years old.

This sensible limitation of the interest charge by Revenue matches the current legislative provisions for CAT. Extending the limitation to all taxes would seem to offer a powerful incentive to regularize any old liabilities that may still be out there.