In the same week as Finance (No. 3) Bill 2011 was published, Finance (No. 2) Bill 2011 was passed by the Dáil. There were significant amendments made at Committee Stage to section 4 of the Bill as initiated.

Section 4 of (Finance No. 2) Bill 2011 inserted a new section 125B into the Stamp Duties Consolidation Act 1999. This new section titled “Levy on pension schemes” applies a Stamp Duty levy of 0.6% to the market value of assets under management in certain Revenue approved pension funds. The key amendments made to section 4 of the Bill at Committee Stage in the Dáil include:

• The due date for 2011, 2012, 2013 and 2014, is 25 September of the relevant year. The Bill as initiated proposed two payment dates for each of the years.
• The chargeable amount is the aggregate market value of the assets on 30 June fof the relevant year. Where the assets are not contracts of assurance and are held for a defined benefit scheme or a one member scheme and where accounts are prepared to an appropriate accounting standard, the chargeable amount is the aggregate market value of the assets on the last day of the accounting period of 12 months immediately preceding 30 June of the year 2011, 2012, 2013, 2014.
• The appropriate return form and payment of the levy must be made electronically.

Finance (No. 2) Act 2011, No. 8 of 2011 was signed by President McAleese on 22 June, and will be published on the Oireachtas website in due course. In the meantime, the most up to date text is Finance (No.2) Bill 2011 as passed by both houses of the Oireachtas, which is available on the Oireachtas website at http://www.oireachtas.ie/viewdoc.asp?DocID=17979&&CatID=59