Note on Reform of Stamp Duty on Residential Property
Reform of Stamp Duty on Residential Property: Operative Date
Summary of Budget Measures-Extract
“This change will take effect in respect of instruments which are required to be presented to the Revenue Commissioners for stamping no later than 5 December 2007. Instruments which are executed in the 30 days prior to 5 December 2007 will therefore benefit from this change”.
Effective Date for changes
The changes announced by the TÁnaiste and Minister for Finance in his Budget speech on 5th December 2007 take immediate effect from that date.
Once a property transaction has occurred, the property transfer (referred to as an instrument) is required to be presented to the Revenue Commissioners for stamping within 30 days of its date of execution – denoted as the 30 day stamping-period. In the case of Budget day, this period commenced on Monday 5th November 2007. Therefore, any instruments executed on, or after, that day are covered by the changes.
This date means that the changes can impact on transactions in four possible ways:
This notice is for information only. It does not, and cannot, purport to constitute a legal interpretation. Purchasers of houses and their solicitors are advised to contact their local Revenue Office if they have any queries about Stamp Duty.
Transaction type |
Covered by new system |
Action required |
Transactions on or after Budget day – 5th |
||
December 2007, going forwards. |
Yes |
No action, automatically covered by the new system. |
Instruments executed on, or after, Monday 5th |
Yes, covered by 30 day |
No action, Revenue will apply the new rates when |
November, but not yet stamped by Revenue. |
stamping-period. |
presented for stamping. |
Instruments executed from Monday 5th |
||
November to Budget day (both dates inclusive) |
||
and stamped by Revenue before, or on |
Yes, covered by 30 day |
Refund due for difference between old and new rates, purchasers |
Budget day – 5th December 2007. |
stamping-period. |
advised to contact the Revenue Commissioners. |
Instruments executed before |
||
Monday 5th November. |
No, covered by old system. |
None, old rates applied – no refund possible. |