Stamp Duties Consolidation Act 1999

PART I Interpretation

1 Interpretation. [SDMA1891 s27 (part); SA1891 s32, s33(1); s54, s86, s91, s98(1); s108 and s122(1); FA1898 s6 (part); FA1997 s115 and s118]

1.—(1) In this Act, unless the context otherwise requires—

“accountable person” means—

(a) the person referred to in column (2) of the Table to this definition in respect of the corresponding instruments set out in column (1) of that Table by reference to the appropriate heading in Schedule 1,

(b) in the case of an instrument which operates, or is deemed to operate, as a voluntary disposition inter vivos under section 30 or 54, the parties to such instrument,

(c) in the case of any other instrument, the parties to that instrument,

(d) notwithstanding paragraphs (a), (b) and (c), in the case of any person who would be an accountable person if alive, the accountable person shall be the personal representative of such person:

TABLE

Instrument Heading specified in	Accountable person
Schedule 1
(1)	(2)
CONVEYANCE or TRANSFER on sale of any stocks or marketable securities.	The purchaser or transferee.
CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.	The purchaser or transferee.
DUPLICATE or COUNTERPART of any instrument chargeable with any duty.	Any of the persons specified in this column, as appropriate.
LEASE.	The lessee.
MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) which is a security for the payment or repayment of money which is a charge or incumbrance on property situated in the State other than shares in stocks or funds of the Government or the Oireachtas.	The mortgagee or obligee; in the case of a transfer, the transferee.

“bill of exchange” includes draft, order, cheque, and letter of credit, and any document or writing (except a bank note) entitling or purporting to entitle any person, whether named in the bill or not, to payment by any other person of, or to draw on any other person for, any sum of money;

“Commissioners” means Revenue Commissioners;

“conveyance on sale” includes every instrument, and every decree or order (including a decree or order for, or having the effect of an order for, foreclosure) of any court or of any commissioners, whereby any property, or any estate or interest in any property, on the sale or compulsory acquisition of that property or that estate or that interest is transferred to or vested in a purchaser, or any other person on such purchaser's behalf or by such purchaser's direction;

“die” includes any plate, type, tool, implement, apparatus, appliance, device, process and any other means, used by or under the direction of the Commissioners for expressing or denoting any duty, or rate of duty or the fact that any duty or rate of duty or penalty has been paid or that an instrument is duly stamped or is not chargeable with any duty or for denoting any fee, and also any part or combination of any such plate, type, tool, implement, apparatus, appliance, device, process and any such other means;

“equitable mortgage” means an agreement or memorandum, under hand only, relating to the deposit of any title deeds or instruments constituting or being evidence of the title to any property (other than stock or marketable security), or creating a charge on such property;

“executed” and “execution”, in relation to instruments not under seal, mean signed and signature;

“forge” includes counterfeit and “forged” shall be construed accordingly;

“impressed” includes any method of applying, producing or indicating a stamp on instruments or material by means of a die;

“instrument” includes every written document;

“marketable security” means a security of such a description as to be capable of being sold in any stock market in the State;

“material” includes every sort of material on which words or figures can be expressed;

“Minister” means the Minister for Finance;

“money” includes all sums expressed in the currency of the State or in any foreign currency;

“mortgage” means a security by means of mortgage for the payment of any definite and certain sum of money advanced or lent at the time, or previously due and owing, or forborne to be paid, being payable, or for the repayment of money to be thereafter lent, advanced, or paid, or which may become due on an account current, together with any sum already advanced or due, or without, as the case may be, and includes—

(a) further charge, and heritable bond, disposition, assignation, or tack in security, of or affecting any lands, estate, or property, real or personal, heritable or movable,

(b) any conveyance of any lands, estate, or property in trust to be sold or otherwise converted into money, intended only as a security, and redeemable before the sale or other disposal of the lands, estate or property, either by express stipulation or otherwise, except where the conveyance is made for the benefit of creditors generally, or for the benefit of creditors specified who accept the provision made for payment of their debts, in full satisfaction of those debts, or who exceed 5 in number,

(c) any defeazance, letter of reversion, declaration, or other deed or writing for defeating or making redeemable or explaining or qualifying any conveyance, transfer, disposition or assignation of any lands, estate, or property, apparently absolute, but intended only as a security,

(d) any agreement (other than an agreement chargeable with duty as an equitable mortgage), contract, or bond accompanied with a deposit of title deeds for making a mortgage, or any other security or conveyance already referred to of any lands, estate, or property comprised in the title deeds, or for pledging or charging the same as a security, and

(e) any deed operating as a mortgage of any stock or marketable security;

“policy of insurance” includes every writing whereby any contract of insurance is made or agreed to be made, or is evidenced, and “insurance” includes assurance;

“policy of life insurance” means a policy of insurance on any life or lives or on any event or contingency relating to or depending on any life or lives except a policy of insurance for any payment agreed to be made on the death of any person only from accident or violence or otherwise than from a natural cause;

“promissory note” includes any document or writing (except a bank note) containing a promise to pay any sum of money;

“residential property”, in relation to a sale or lease, means—

(a) a building or part of a building which, at the date of the instrument of conveyance or lease—

(i) was used or was suitable for use as a dwelling,

(ii) was in the course of being constructed or adapted for use as a dwelling, or

(iii) had been constructed or adapted for use as a dwelling and had not since such construction or adaptation been adapted for any other use.

and

(b) the curtilage of the residential property up to an area (exclusive of the site of the residential property) of one acre;

but where—

(I) in the year ending on the 31st day of December immediately prior to the date of that instrument of conveyance or lease—

(A) a rate was made by a rating authority as regards any hereditament to which section 3 of the Local Government (Financial Provisions) Act, 1978, did not apply,

(B) a rate was made by a rating authority, and an allowance made under that section of that Act, as regards any hereditament which was at the time the rate was made a mixed hereditament, secondary school or community hall (each within the meaning assigned by section 1 of the Local Government (Financial Provisions) Act, 1978), or

(C) a hereditament was described as exempt, or partially exempt, from rating in the valuation lists (being the valuation lists referred to in the Valuation Acts),

then the whole or an appropriate part of that hereditament as is referable to ordinary use other than as a dwelling at the date of that instrument of conveyance or lease or, where appropriate, when last ordinarily used, shall not be residential property, in relation to that sale or lease,

or

(II) the area of the curtilage (exclusive of the site of the residential property) exceeds one acre, then the part which shall be residential property shall be taken to be the part which, if the remainder were separately occupied, would be the most suitable for occupation and enjoyment with the residential property;

“stamp” means—

(a) any stamp, image, type, mark, seal, impression, imprint or perforation impressed by means of a die,

(b) any receipt in whatever form issued by or under the direction of the Commissioners, or

(c) an adhesive stamp issued by or under the direction of the Commissioners,

for denoting any duty or fee;

“stamped”, in relation to instruments and material, applies as well to instruments and material impressed with stamps by means of a die as to instruments and material having adhesive stamps affixed to them;

“stock” includes any share in any stocks or funds transferable at the Bank of England or at the Bank of Ireland and any share in the stocks or funds of any foreign state or government, or in the capital stock or funded debt of any county council, corporation, company, or society in the State, or of any foreign corporation, company, or society;

“stock certificate to bearer” includes every stock certificate to bearer issued under any Act authorising the creation of debenture stock, county stock, corporation stock, municipal stock, or funded debt, by whatever name known.

(2) References in this Act to any enactment shall, except where the context otherwise requires, be construed as references to that enactment as amended or extended by any subsequent enactment.

(3) In this Act a reference to a Part, Chapter, section or Schedule is to a Part, Chapter or section of, or Schedule to, this Act, unless it is indicated that reference to some other enactment is intended.

(4) In this Act a reference to a subsection, paragraph, subparagraph, clause or subclause is to the subsection, paragraph, subparagraph, clause or subclause of the provision (including a Schedule) in which the reference occurs, unless it is indicated that reference to some other provision is intended.

PART 2 Charging and Stamping of Instruments

2 Charging of, liability for, and recovery of stamp duty. [SA1891 s1(1) to (4)]

2.—(1) Any instrument which—

(a) is specified in Schedule 1, and

(b) is executed in the State or, wherever executed, relates to any property situated in the State or any matter or thing done or to be done in the State,

shall be chargeable with stamp duty.

(2) The stamp duties to be charged for the benefit of the Central Fund on the several instruments specified in Schedule 1 shall be the several duties specified in that Schedule, which duties shall be subject to the exemptions contained in this Act and in any other enactment for the time being in force.

(3) (a)Any instrument chargeable with stamp duty shall, unless it is written on duly stamped material, be duly stamped with the proper stamp duty before the expiration of 30 days after it is first executed, unless the opinion of the Commissioners with respect to the amount of duty with which the instrument is chargeable, has, before such expiration, been required under this Act.

(b) If the opinion of the Commissioners with respect to any instrument chargeable with stamp duty has been required within 30 days after its first execution, the instrument shall be stamped in accordance with the assessment of the Commissioners within 14 days after notice of the assessment.

(4) Where any instrument chargeable with stamp duty is not stamped or is insufficiently stamped—

(a) the accountable person shall be liable, and

(b) where there is more than one such accountable person they shall be liable jointly and severally,

for the payment of the stamp duty or, where the instrument is insufficiently stamped, the additional stamp duty and such duty, additional duty and any penalty relating to any such duty shall be deemed to be a debt due by the accountable person to the Minister for the benefit of the Central Fund and shall be payable to the Commissioners and may (without prejudice to any other mode of recovery of the duty, additional duty and any penalty relating to such duty) be sued for and recovered by action, or other appropriate proceedings, at the suit of the Attorney General or the Minister or the Commissioners in any court of competent jurisdiction, notwithstanding anything to the contrary contained in the Inland Revenue Regulation Act, 1890.

3 Variation of certain rates of duty by order. [FA1991 s95]

3.—(1) Subject to this section, the Minister may—

(a) by order vary the rate of duty chargeable on any instrument specified in Schedule 1 or may exempt such instrument from duty, and

(b) make such order in respect of any particular class of instrument,

but no order shall be made under this section for the purpose of increasing any of the rates of duty.

(2) No order shall be made under this section for the purpose of varying the duty on any instrument or class of instrument where—

(a) such instrument or class of instrument relates to—

(i) any immovable property situated in the State or any rights or interest in such property,

(ii) any stock or share of a company having a register in the State, or

(iii) any risk situated in the State in relation to the heading “INSURANCE” in Schedule 1,

or

(b) such instrument or class of instrument is a bill of exchange or a promissory note.

(3) Notwithstanding anything to the contrary contained in subsection (2), the Minister may make an order in respect of an instrument which is executed for the purposes of debt factoring.

(4) The Minister may by order amend or revoke an order under this section, including an order under this subsection.

(5) An order under this section shall be laid before Dáil Éireann as soon as may be after it has been made and, if a resolution annulling the order is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done under that order.

(6) Every order under this section shall have statutory effect on the making of that order and, subject to subsection (5), unless the order either is confirmed by Act of the Oireachtas passed not later than the end of the year following that in which the order is made, or, is an order merely revoking wholly an order previously made under that subsection, the order shall cease to have statutory effect at the expiration of that period but without prejudice to the validity of anything previously done under that order.

4 How duties are to be paid. [SA1891 s2]

4.— All stamp duties for the time being chargeable by law on any instruments are to be paid and denoted according to this Act and except where express provision is made to the contrary are to be denoted by impressed stamps only.

5 Agreement as to payment of stamp duty on instruments. [FA1990 s113(1) to (4)]

5.—(1) Where in the opinion of the Commissioners it is inexpedient or impractical for any person carrying on a business and who—

(a) in the course of that business, is a party to instruments liable to stamp duty under Schedule 1, or

(b) acts as agent for any such party,

to pay stamp duty in respect of each such instrument, then the Commissioners may enter into an agreement with that person for the delivery to them of accounts for specified periods giving such particulars as may be required of such instruments.

(2) The agreement shall be in such form and shall contain such terms and conditions as the Commissioners consider proper.

(3) Where an agreement has been entered into under this section between the Commissioners and any person, and any instrument to which the agreement relates—

(a) is issued during the period the agreement is in force, and

(b) contains a statement that the appropriate stamp duty has been or will be paid to the Commissioners in accordance with this section,

then that instrument shall not be chargeable with any stamp duty but in lieu of such stamp duty, and by means of composition, there shall be charged, in respect of the instruments to which the agreement relates which were issued during each period of account under that agreement a stamp duty of an amount equal to the aggregate of the amounts of stamp duty which, but for this section, would have been chargeable on each of the instruments concerned, and the stamp duty chargeable under this subsection (by means of such composition) shall be paid by the person to the Commissioners on the delivery of the account.

(4) Where a person makes default in delivering any account required by any agreement under this section or in paying the duty payable on the delivery of any such account, the person shall be liable to a penalty not exceeding £100 for every day during which the default continues and shall also be liable to pay, in addition to the duty, interest on the duty (which shall be recoverable in the same manner as if it were part of the duty) at the rate of 1 per cent for each month or part of a month from the date when the default begins.

6 How instruments are to be written and stamped. [SA1891 s3]

6.—(1) Every instrument—

(a) written on stamped material shall be written in such manner, and

(b) partly or wholly written before being stamped shall be so stamped,

so as to have the stamp appear on the face of the instrument, and to prevent it being used for or applied to any other instrument written on the same piece of material.

(2) If more than one instrument is written on the same piece of material, every one of the instruments shall be separately and distinctly stamped with the duty with which it is chargeable.

7 Instruments to be separately charged with duty in certain cases. [SA1891 s4]

7.— Except where express provision to the contrary is made by this or any other Act—

(a) an instrument containing or relating to several distinct matters shall be separately and distinctly charged, as if it were a separate instrument, with duty in respect of each of the matters;

(b) an instrument made for any consideration in respect of which it is chargeable with ad valorem duty, and also for any further or other valuable consideration or considerations, shall be separately and distinctly charged, as if it were a separate instrument, with duty in respect of each of the considerations;

(c) without prejudice to the generality of paragraphs (a) and (b), where the consideration (other than rent) for the sale or lease of any property is partly attributable to residential property and partly attributable to property which is not residential property the instrument of conveyance or transfer or lease shall be chargeable to ad valorem stamp duty on the basis that it is a separate conveyance or transfer or lease of residential property to the extent that that consideration is attributable to residential property and also a separate conveyance or transfer or lease of property which is not residential property to the extent that that consideration is attributable to property which is not residential property.

8 Facts and circumstances affecting duty to be set forth in instruments, etc. [SA1891 s5]

8.— (1) Except as provided for in this section, all the facts and circumstances affecting the liability of any instrument to duty, or the amount of the duty with which any instrument is chargeable, are to be fully and truly set forth in the instrument.

(2) Where it is not practicable to set out all the facts and circumstances, to which subsection (1) refers, in an instrument, additional facts and circumstances which—

(a) affect the liability of such instrument to duty,

(b) affect the amount of the duty with which such instrument is chargeable, or

(c) may be required from time to time by the Commissioners,

are to be fully and truly set forth in a statement which shall be delivered to the Commissioners together with such instrument and the form of any such statement may from time to time be prescribed by the Commissioners.

(3) Any person who—

(a) fraudulently or negligently executes any instrument, or

(b) being employed or concerned in or about the preparation of any instrument, fraudulently or negligently prepares any such instrument,

in which all the facts and circumstances affecting the liability of such instrument to duty, or the amount of the duty with which such instrument is chargeable, are not fully and truly set forth in the instrument or in any statement to which subsection (2) relates, shall incur a penalty of—

(i) £1,000, and

(ii) the amount, or in the case of fraud, twice the amount, of the difference between—

(I) the amount of duty payable in respect of the instrument based on the facts and circumstances set forth and delivered, and

(II) the amount of duty which would have been the amount so payable if the instrument and any accompanying statement had fully and truly set forth all the facts and circumstances referred to in subsections (1) and (2).

(4) Where any instrument was executed neither fraudulently nor negligently by a person and it comes to such person's notice, or it would have come to such person's notice, if such person had taken reasonable care, that such instrument or any statement to which subsection (2) relates does not fully and truly set forth all those facts and circumstances then, unless the Commissioners are informed of the error without unreasonable delay, such matter shall be treated, for the purposes of subsection (3), as having been negligently done by such person.

(5) Where an instrument operates, or is deemed to operate, as a voluntary disposition inter vivos under section 30 or 54 such fact shall be brought to the attention of the Commissioners in the statement delivered under subsection (2) and such statement shall contain a statement of the value of the property, or in the case of a lease the minimum amount or value referred to in section 54, and where the requirements of this subsection are not complied with any person who executes such instrument shall for the purposes of subsection (3) be presumed, until the contrary is proven, to have acted negligently.

(6) Where such person as may be liable to a penalty under subsection (3) is in doubt as to the application of law to, or the treatment for tax purposes of, any matter to be contained in an instrument, or in a statement to which subsection (2) relates, to be delivered by such person to the Commissioners, such person may deliver the instrument and, where applicable, the statement to the best of such person's belief as to the application of law to, or the treatment for the purposes of stamp duty of, that matter but such person shall draw the attention in writing of the Commissioners to the matter in question in the instrument or statement, as appropriate, by specifying the doubt and, if such person so does, he or she shall be treated as making a full and true disclosure with regard to that matter.

(7) Subsection (6) shall not apply where the Commissioners are not satisfied that the doubt specified under that subsection was genuine and are of the opinion that the person who specified the doubt was acting with a view to the evasion or avoidance of tax and in such a case the person shall be deemed not to have made a full and true disclosure with respect to the matter in question.

9 Mode of calculating ad valorem duty in certain cases. [FA1933 s40]

9.— Where an instrument is chargeable with ad valorem duty in respect of money in any currency other than the currency of the State, such duty shall be calculated on the value of that money in the currency of the State according to the rate of exchange current at the date of execution of such instrument.

10 Adhesive stamps. [SA1891 s7, s8 and s9(1)]

10.—(1) Any stamp duties on instruments which are permitted by law to be denoted by adhesive stamps shall, if denoted by adhesive stamps, be denoted by adhesive stamps issued by the Commissioners.

(2) An instrument, the duty on which is required or permitted by law to be denoted by an adhesive stamp, shall not be deemed duly stamped with an adhesive stamp, unless the person required by law to cancel the adhesive stamp cancels the same by writing on or across the stamp his or her name or initials, or the name or initials of his or her firm, together with the true date of his or her so writing, or otherwise effectively cancels the stamp and renders the same incapable of being used for any other instrument or unless it is otherwise proved that the stamp appearing on the instrument was affixed to the instrument at the proper time.

(3) Where 2 or more adhesive stamps are used to denote the stamp duty on an instrument, each or every stamp shall be cancelled in the manner set out in subsection (2).

(4) Every person who, being required by law to cancel an adhesive stamp, neglects or refuses duly and effectually to do so in the manner set out in subsection (2), shall incur a penalty of £500.

(5) If any person—

(a) fradulently removes or causes to be removed from any instrument any adhesive stamp, or affixes to any other instrument any adhesive stamp which has been so removed, with intent that the stamp may be used again, or

(b) sells or offers for sale, or utters, any adhesive stamp which has been so removed, or utters any instrument, having any adhesive stamp on it which has to such person's knowledge been removed in the manner specified in paragraph (a),

such person shall, without prejudice to any other fine or penalty to which that person may be liable, be guilty of an offence and section 1078 (which relates to revenue offences) of the Taxes Consolidation Act, 1997, shall for the purposes of such offence be construed in all respects as if such offence were an offence under subsection (2) of that section.

11 Denoting stamps. [SA1891 s11]

11.— Where the duty with which an instrument is chargeable depends in any manner on the duty paid on another instrument, the payment of the last-mentioned duty shall, on application to the Commissioners and production of both the instruments, be denoted on the first-mentioned instrument in such manner as the Commissioners think fit.

12 Particulars delivered stamps. [FA1994 s107(1) to (3) and (6)]

12.—(1) In this section “fee simple”, “interest”, “land” and “lease” have the same meanings, respectively, as in section 41 of the Finance (1909-10) Act, 1910, and references to a “transferee” or a “lessee” include the personal representatives of any transferee or lessee.

(2) It shall be the duty of the transferee or lessee, on the occasion of any transfer of the fee simple of any land or of any interest in land or on the grant of any lease of any land for a term exceeding 14 years (whether the transfer or lease is on sale or operates as a voluntary disposition inter vivos), to present to the Commissioners such particulars in relation to such class or category of transfer or lease as they may prescribe by regulations and, without prejudice to the generality of the foregoing, the regulations may make provision in relation to all or any of the following matters:

(a) the form in which the particulars are to be delivered;

(b) the time limits within which the particulars are to be delivered;

(c) the manner in which the land is to be described or classified;

(d) the furnishing of tax reference numbers of the parties to the instrument.

(3) Notwithstanding anything in section 20 or 127, any transfer or lease to which regulations made pursuant to subsection (2) apply shall not, other than in criminal proceedings or in civil proceedings by the Commissioners to recover stamp duty, be given in evidence, or be available for any purpose unless it is stamped with a stamp denoting that all particulars prescribed by the Commissioners have been delivered.

(4) If the transferee or lessee fails to comply with this provision, such person shall be guilty of an offence and section 1078 (which relates to revenue offences) of the Taxes Consolidation Act, 1997, shall for the purposes of such offence be construed in all respects as if such offence were an offence under subsection (2) of that section.

13 Duplicates and counterparts. [SA1891 s72]

13.— The duplicate or counterpart of an instrument chargeable with duty (except the counterpart of an instrument chargeable as a lease, such counterpart not being executed by or on behalf of any lessor or grantor,) shall not be deemed duly stamped unless—

(a) it is stamped as an original instrument, or

(b) it appears by some stamp impressed on it that the full and proper duty has been paid on the original instrument of which it is the duplicate or counterpart.

14 Penalty on stamping instruments after execution. [SA1891 s15(1) to (5)]

14.—(1) Except where express provision is in this Act made, any instrument which is unstamped or insufficiently stamped may be stamped after the expiration of the time for stamping provided for in subsection (3) of section 2, on payment of the unpaid duty and on payment of a penalty of £20 and also by means of further penalty, where the unpaid duty exceeds £20, of interest on such duty, at the rate of 1 per cent per month or part of a month from the day on which that instrument was first executed to the day of payment of the unpaid duty.

(2) Where—

(a) any instrument referred to in column (1) of the Table to the definition of “accountable person” in section 1, or

(b) any instrument which operates, or is deemed to operate, as a voluntary disposition inter vivos,

has not been or is not duly stamped in conformity with subsection (3) of section 2, the accountable person shall, in addition to the penalties provided for in subsection (1), be liable to pay an amount by means of further penalty as follows:

(i) an amount equivalent to 10 per cent of the unpaid duty on the instrument, where such instrument is stamped not later than 6 months after the day on which such instrument was first executed;

(ii) an amount equivalent to 20 per cent of the unpaid duty on the instrument, where such instrument is stamped more than 6 months but not later than 12 months after the day on which such instrument was first executed;

(iii) an amount equivalent to 30 per cent of the unpaid duty on the instrument, where such instrument is stamped more than 12 months after the day on which such instrument was first executed.

(3) Subject to any other express provision in this Act in relation to any particular instrument, the Commissioners may, if they think fit, remit any penalty payable on stamping.

(4) The payment of any penalty payable on stamping shall be denoted on the instrument by a particular stamp.

(5) Any penalty payable by operation of this section shall be chargeable and recoverable in the same manner as if it were part of the duty on the instrument to which it relates.

15 Surcharges for undervaluation in case of voluntary dispositions inter vivos. [FA1991 s103(1) to (3)]

15.—(1) Where an instrument operates or is deemed to operate as a voluntary disposition inter vivos by operation of section 30 or 54 and the statement of value of such property, or in the case of a lease the minimum amount or value referred to in section 54, provided to the Commissioners under subsection (5) of section 8 (in this section referred to as the “submitted value”) is less than the value of the property as agreed with, or ascertained by, the Commissioners, subject to the right of appeal under section 21, (in this section referred to as the “ascertained value”) then, as a penalty, the duty chargeable on the conveyance or transfer, or lease, shall be increased by an amount (in this section referred to as the “surcharge”) calculated according to the following provisions:

(a) subject to subsection (2), where the submitted value is less than the ascertained value by an amount which is greater than 15 per cent of the ascertained value but not greater than 30 per cent of the ascertained value, a surcharge equal to 25 per cent of the total duty chargeable on the instrument;

(b) where the submitted value is less than the ascertained value by an amount which is greater than 30 per cent of the ascertained value but not greater than 50 per cent of the ascertained value, a surcharge equal to 50 per cent of the total duty chargeable on the instrument;

(c) where the submitted value is less than the ascertained value by an amount which is greater than 50 per cent of the ascertained value, a surcharge equal to the total duty chargeable on the instrument.

(2) No surcharge shall be chargeable under paragraph (a) of subsection (1) where the difference between the submitted value and the ascertained value is less than £5,000.

(3) Where a statement of value, or in the case of a lease the minimum amount or value referred to in section 54, is not provided in accordance with subsection (5) of section 8, then the liability of an instrument to a surcharge under this section may be ascertained by the Commissioners by the substitution of the consideration, other than rent in the case of lease, stated in the instrument for the submitted value.

(4) Any surcharge payable by operation of this section shall be chargeable and recoverable in the same manner as if it were part of the duty on the instrument to which it relates.

16 Surcharges to apply when apportionment is not just and reasonable. [FA1997 s121]

16.—(1) In this section “residential consideration” means—

(a) in the case of a sale to which section 45(2)(a) refers, or a lease to which section 52(5)(a) refers, the amount or value of the consideration for the sale or lease which is deemed to be attributable to residential property, and

(b) in the case of a sale to which section 45(2)(b) refers, or a lease to which section 52(5)(b) refers, the amount or value of the aggregate consideration (within the meaning of section 45(2) or 52(5), respectively) which is deemed to be attributable to residential property.

(2) Where—

(a) in relation to any sale, section 45(2) refers, an estimate (in this section referred to as the “vendor's estimate” or as the “purchaser's estimate”, as the case may be) of the residential consideration shall be made by the vendor and by the purchaser, and

(b) in relation to any lease, section 52(5) refers, an estimate (in this section referred to as the “lessor's estimate” or as the odq/>lessee's estimate”, as the case may be) of the residential consideration shall be made by the lessor and by the lessee,

and those estimates together with the amount or value of the aggregate consideration (within the meaning of section 45(2) or 52(5), as appropriate) shall be brought to the attention of the Commissioners in the statement delivered under section 8(2) and that statement shall be signed by the vendor or lessor and by the purchaser or lessee, as appropriate, and where the requirements of this subsection are not complied with any person who executes the instrument whereby that sale or lease is effected shall for the purposes of section 8(3) be presumed, until the contrary is proven, to have acted negligently.

(3) Where the purchaser's or lessee's estimate (in this subsection referred to as the “submitted value”) is less than or greater than the residential value agreed with, or ascertained by, the Commissioners, subject to the right of appeal under section 21, (in this subsection referred to as the “ascertained value”) then, as a penalty, the duty chargeable on the instrument, shall, where an assessment of duty based on the ascertained value would result in a greater amount than an assessment based on the submitted value, be increased by an amount (in this subsection referred to as the “surcharge”) calculated according to the following provisions:

(a) where the submitted value is less than or greater than the ascertained value by an amount which is greater than 10 per cent of the ascertained value but not greater than 30 per cent of the ascertained value, a surcharge equal to 50 per cent of the difference between the duty chargeable by reference to the ascertained value and the duty chargeable by reference to the submitted value;

(b) where the submitted value is less than or greater than the ascertained value by an amount which is greater than 30 per cent of the ascertained value, a surcharge equal to the difference between the duty chargeable by reference to the ascertained value and the duty chargeable by reference to the submitted value.

(4) (a)Notwithstanding any other provision to the contrary in this Act, the purchaser or lessee, as the case may be, shall, subject to paragraph (b), be entitled to recover from the vendor or lessor one-half of that surcharge.

(b) Where the estimate of the vendor or lessor, as the case may be, is less than or greater than the submitted value, the amount which the purchaser or lessee shall be entitled to recover from the vendor or lessor shall not exceed one-half of what the surcharge would be if the submitted value were equal to the vendor's or lessor's estimate.

(5) Any surcharge payable by operation of this section shall be chargeable and recoverable in the same manner as if it were part of the duty on the instrument to which it relates.

17 Furnishing of an incorrect certificate. [FA1997 s122]

17.— The furnishing of an incorrect certificate for the purpose of Schedule 1 shall be deemed to constitute the delivery of an incorrect statement for the purposes of section 1078 of the Taxes Consolidation Act, 1997.

PART 3 Valuation

18 Mode of valuing property. [FA1978 s34(5)]

18.— For the purposes of sections 30 and 33(1), the value of property conveyed or transferred by an instrument chargeable with duty in accordance with either of those sections shall be determined without regard to—

(a) any power (whether or not contained in the instrument) on the exercise of which the property, or any part of or any interest in, the property, may be revested in the person from whom it was conveyed or transferred or in any person on his or her behalf,

(b) any annuity or other periodic payment reserved out of the property or any part of it, or any life or other interest so reserved, being an interest which is subject to forfeiture, or

(c) any right of residence, support, maintenance, or other right of a similar nature which the property is subject to or charged with, except where such rights are reserved in favour of the transferor or the spouse of the transferor and in any such case regard shall be had to such rights only to the extent that their value does not exceed 10 per cent of the unencumbered value of the property,

but if on a claim made to the Commissioners not later than 6 years after the making or execution of the instrument it is shown to their satisfaction that any such power as is mentioned in paragraph (a) has been exercised in relation to the property and the property or any property representing it has been reconveyed or retransferred in the whole or in part in consequence of that exercise, the Commissioners shall repay the stamp duty paid by virtue of this section, in a case where the whole of such property has been so reconveyed or retransferred, so far as it exceeds the stamp duty which would have been payable apart from this section and, in any other case, so far as it exceeds the stamp duty which would have been payable if the instrument had operated to convey or transfer only such property as is not so reconveyed or retransferred.

19 Valuation of property chargeable with stamp duty. [FA1991 s105(1)]

19.— The Commissioners shall ascertain the value of property the subject of an instrument chargeable with stamp duty in the same manner, subject to any necessary modification, as is provided for in section 15 of the Capital Acquisitions Tax Act, 1976.

PART 4 Adjudication and Appeals

20 Assessment of duty by the Commissioners. [SA1891 s12]

20.—(1) Subject to such regulations as the Commissioners may think fit to make, the Commissioners may be required by any person to express their opinion, or may express their opinion, with reference to any executed instrument on the following questions:

(a) whether it is chargeable with any duty;

(b) with what amount of duty it is chargeable.

(2) Where an instrument which is chargeable with stamp duty has not been delivered to the Commissioners for assessment of duty or impressing of stamps, the Commissioners shall make an assessment of such amount of stamp duty as, to the best of their knowledge, information (including information received from a member of the Garda Síochána) and belief, ought to be charged, levied and paid on the instrument; and the accountable person shall be liable for the payment of the stamp duty so assessed unless, on delivery of the instrument to them, the Commissioners make another assessment to be substituted for such assessment.

(3) The Commissioners may require to be furnished with a copy of the instrument, together with such evidence as they may deem necessary, in order to show to their satisfaction whether all the facts and circumstances affecting the liability of the instrument to duty, or the amount of the duty chargeable on the instrument, are fully and truly set forth in the instrument.

(4) If the Commissioners are of opinion that the instrument is not chargeable with any duty, it may be stamped with a particular stamp denoting that it is not chargeable with any duty.

(5) If the Commissioners are of opinion that the instrument is chargeable with duty, they shall assess the duty with which it is in their opinion chargeable, and when the instrument is stamped in accordance with the assessment it may be stamped with a particular stamp denoting that it is duly stamped.

(6) Every instrument stamped with the particular stamp denoting either that it is not chargeable with any duty, or is duly stamped, shall be admissible in evidence, and available for all purposes notwithstanding any objection relating to duty.

(7) An instrument on which the duty has been assessed by the Commissioners shall not, if it is unstamped or insufficiently stamped, be stamped otherwise than in accordance with the assessment.

(8) Nothing in this section shall—

(a) extend to any instrument chargeable with ad valorem duty, and made as a security for money or stock without limit, or

(b) authorise the stamping after its execution of any instrument which by law cannot be stamped after execution.

(9) A statutory declaration made for the purpose of this section shall not be used against any person making the same in any proceeding, except in an inquiry as to the duty with which the instrument to which it relates is chargeable.

(10) If at any time it appears that for any reason an assessment is incorrect the Commissioners shall make such other assessment as they consider appropriate, which assessment shall be substituted for the first-mentioned assessment.

(11) If at any time it appears, in respect of an instrument which has been stamped in accordance with an assessment, that for any reason the assessment was an underassessment the Commissioners shall make such additional assessment as they consider appropriate.

21 Right of appeal of persons dissatisfied with assessment. [SA1891 s13]

21.—(1) In this section—

“Appeal Commissioners” has the meaning assigned to it by section 850 of the Taxes Consolidation Act, 1997;

“appellant” means a person who appeals to the Appeal Commissioners under subsection (2).

(2) Any person who is dissatisfied with the assessment of the Commissioners and who is an accountable person in relation to such assessment may, on payment of duty in conformity with the assessment, appeal to the Appeal Commissioners against the assessment and the appeal shall be heard and determined by the Appeal Commissioners whose determination shall be final and conclusive unless the appeal is required to be reheard by a judge of the Circuit Court or a case is required to be stated in relation to it for the opinion of the High Court on a point of law.

(3) A person who intends to appeal under this section against an assessment shall, within 30 days after the date of the assessment, give notice in writing to the Commissioners of such intention.

(4) Subject to this section, Chapter 1 of Part 40 (Appeals) of the Taxes Consolidation Act, 1997, shall, with any necessary modifications, apply as they apply for the purpose of income tax.

(5) Notwithstanding subsection (2)—

(a) any person dissatisfied with any decision of the Commissioners as to the value of any land for the purpose of an assessment under this Act may appeal against such decision in the manner prescribed by section 33 (as amended by the Property Values (Arbitrations and Appeals) Act, 1960) of the Finance (1909-10) Act, 1910, and so much of Part I of that Act as relates to appeals shall apply to an appeal under this subsection;

(b) an appeal shall not lie under subsection (2) on any question relating to the value of any land.

(6) The particulars of any transfer or lease which are presented to or obtained by the Commissioners under section 12 shall, in any appeal under this section, be received as prima facie evidence of all matters and things stated in such particulars.

PART 5 Provisions Applicable to Particular Instruments

Chapter 1 Bills of Exchange and Promissory Notes

22 Bills and notes purporting to be drawn outside the State. [SA1891 s36]

22.— A bill of exchange or promissory note which purports to be drawn or made outside the State shall, for the purpose of the stamp duty on such bill of exchange or promissory note, be deemed to have been so drawn or made, although it may in fact have been drawn or made in the State.

23 Restriction on stamping after execution [SA1891 s37(2)]

23.— No bill of exchange or promissory note shall be stamped with an impressed stamp after its execution.

24 One bill only of a set need be stamped. [SA1891 s39]

24.—(1) When a bill of exchange is drawn in a set according to the custom of merchants, and one of the set is duly stamped, the other or others of the set shall, unless issued or in some manner negotiated apart from the stamped bill, be exempt from duty.

(2) On proof of the loss or destruction of a duly stamped bill of exchange forming one of a set, any other bill of the set which has not been issued or in any manner negotiated apart from the lost or destroyed bill may, although unstamped, be admitted in evidence to prove the contents of the lost or destroyed bill.

25 Denotion of duty by adhesive stamps. [FA1970 s41(2) and (3)]

25.—(1) The duty on a bill of exchange or a promissory note may be denoted by an adhesive stamp which shall be cancelled by the person by whom the bill or note is signed before such person delivers it out of his or her hands, custody or power.

(2) Every person who issues, endorses, transfers, negotiates, presents for payment, or pays any bill of exchange or promissory note liable to duty and not being duly stamped shall incur a penalty of £500, and the person who takes or receives from any other person any such bill or note either in payment or as a security, or by purchase or otherwise, shall not be entitled to recover on such bill or note, or to make the same available for any purpose.

(3) Notwithstanding subsection (2), if any bill of exchange is presented for payment unstamped, the person to whom it is presented may affix to it an adhesive stamp of the amount of duty chargeable under this Act in respect of that bill, and cancel the same, as if he or she had been the drawer of that bill, and may, having affixed the stamp and cancelled it, pay the sum in that bill mentioned, and charge the duty in account against the person by whom that bill was drawn, or deduct the duty from that sum, and that bill shall, so far as respects the duty, be deemed valid and available.

(4) The affixing of an adhesive stamp to a bill of exchange in accordance with subsection (3) shall not relieve any person from any penalty incurred by such person in relation to such bill.

26 Certain bills issued by local authorities to be chargeable as promissory notes. [FA1897 s8]

26.— Where under the power conferred by any Act any county council or municipal corporation issue bills repayable not later than 12 months from their date, those bills shall, notwithstanding that by the same or any other Act they are charged or secured on any property, fund, or rate, and that the statutory charge is referred to in the bills, be treated for the purpose of this Act, and any Act amending this Act, as promissory notes and not as marketable securities.

27 Stamping of certain foreign bills of exchange. [FA1936 s25]

27.— Notwithstanding any enactment to the contrary, a bill of exchange which is presented for acceptance or is accepted or payable outside the State shall not be invalid in the State by reason only that it is not stamped in accordance with the law for the time being in force in the State in relation to stamp duties, and sections 14(1) and 127 shall apply to every such bill of exchange which is unstamped or insufficiently or not properly stamped as if it were an instrument which may legally be stamped after it has been executed within the meaning of sections 14(1) and 127.

28 Notes promising the payment of sum of money out of a particular fund, etc. [SA1891 s33(2)]

28.— A note promising the payment of any sum of money out of any particular fund which may or may not be available, or on any condition or contingency which may or may not be performed or happen, shall be deemed a promissory note for that sum of money.

Chapter 2 Conveyances on Sale

29 Conveyance on sale combined with building agreement for dwellinghouse or apartment. [FA1990 s112(1) to (8) (part)]

29.—(1) (a) In this section—

“building” includes any improvement of any land, and any alteration to the character of any land, preliminary to the erection on that land of a dwellinghouse or apartment;

“land” includes any interest in any land but does not include the result of any act of building.

(b) For the purposes of this section, references to the repayment of stamp duty to a person who paid it include reference to any other person who satisfies the Commissioners that he or she is entitled to recover moneys owing to the person.

(2) Notwithstanding section 43, where, in connection with, or as part of any arrangement involving, a sale of any land, a dwellinghouse or apartment has been built, or is in the course of being built, or is to be built, on that land, any instrument whereby such sale is effected shall be chargeable to stamp duty under the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance” in Schedule 1, as if the property concerned were residential property on an amount equal to the aggregate of—

(a) any consideration paid in respect of the sale of that land, and

(b) any consideration paid, or to be paid, in respect of the building of the dwellinghouse or apartment on that land.

(3) Without prejudice to the generality of subsection (2), a dwellinghouse or apartment shall be regarded as having been built or being in the course of being built or to be built in connection with, or as part of any arrangement involving, a sale of any land where building has commenced prior to the execution of any instrument effecting the sale.

(4) (a) Where in the case of any instrument of sale to which this section applies, the aggregate consideration to which subsection (2) relates cannot, in the opinion of the Commissioners, be ascertained at the date on which the instrument is presented for stamping, then the instrument shall be chargeable to stamp duty as if the amount of the aggregate consideration which is chargeable under subsection (2) was equal to 10 times the unencumbered open market value of the land at the date of the instrument of sale or to such lower multiple, not being less than 5, of the open market value of the land as the Commissioners consider appropriate having regard to the relevant information available to them.

(b) Where it is shown to the satisfaction of the Commissioners that the amount of the stamp duty paid under this subsection exceeded the stamp duty with which the instrument would have been charged under subsection (2) had the aggregate consideration paid or to be paid in respect of the dwellinghouse or apartment been ascertainable at the date of stamping of the instrument, then the amount of such excess stamp duty shall, on an application to the Commissioners within 3 years after the date of stamping of the instrument, be repaid to the person or persons by whom the stamp duty was paid and such repayment shall bear simple interest at the rate of 0.5 per cent, or such other rate (if any) as stands prescribed by the Minister by regulations, for each month or part of a month from the date of payment of the excess duty up until the date of such repayment and income tax shall not be deductible on payment of interest under this subsection and such interest shall not be reckoned in computing income for the purposes of the Tax Acts.

(5) For the purpose of determining whether this section shall apply to any instrument, the Commissioners may require the delivery to them, in such form as they may specify, of a statement or a statutory declaration by—

(a) any person directly or indirectly concerned with the sale of the land or with the building of a dwellinghouse or apartment on the land, and

(b) any solicitor acting on behalf of any person to whom paragraph (a) relates,

of any facts which the Commissioners consider relevant in making any such determination.

(6) Any instrument to which the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance” in Schedule 1 applies shall contain a statement, in such form as the Commissioners may specify, certifying whether or not this section is applicable to such instrument, and the furnishing of an incorrect certificate shall be deemed to constitute the delivery of an incorrect statement for the purposes of section 1078 of the Taxes Consolidation Act, 1997.

(7) Where stamp duty has been charged on any instrument by reference to this section and, within 2 years after the date of stamping of the instrument, building has not commenced, then this section shall be deemed not to have applied to the instrument and, accordingly, the Commissioners shall, on application to them within 3 years after the date of stamping of the instrument by the person or persons by whom the stamp duty was paid, repay to such person or persons the amount of the stamp duty paid by such person or persons which, but for the other provisions of this section, would not have been chargeable and such repayment shall bear simple interest at the rate of 0.5 per cent, or such other rate (if any) as stands prescribed by the Minister by regulations, for each month or part of a month from the date of payment of the excess duty up until the date of such repayment and income tax shall not be deductible on payment of interest under this subsection and such interest shall not be reckoned in computing income for the purposes of the Tax Acts.

(8) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done under that regulation.

30 Voluntary dispositions inter vivos chargeable as conveyances or transfers on sale. [F(1909-10) A 1910 s74(1), (2), (5) and (6)]

30.—(1) Any conveyance or transfer operating as a voluntary disposition inter vivos shall be chargeable with the same stamp duty as if it were a conveyance or transfer on sale, with the substitution in each case of the value of the property conveyed or transferred for the amount or value of the consideration for the sale.

(2) Notwithstanding subsection (1), this section shall not apply to a conveyance or transfer operating as a voluntary disposition of property to a body of persons incorporated by a special Act, if that body is by its Act precluded from dividing any profit among its members and the property conveyed is to be held for the purposes of an open space or for the purposes of its preservation for the benefit of the nation.

(3) Notwithstanding anything in section 20, the Commissioners may be required to express their opinion under that section on any conveyance or transfer operating as a voluntary disposition inter vivos, and no such conveyance or transfer shall, notwithstanding section 127, be given in evidence, except in criminal proceedings or in civil proceedings by the Commissioners to recover stamp duty, or be available for any purpose unless it is stamped in accordance with subsection (4) or subsection (5) of section 20.

(4) Any conveyance or transfer (not being a disposition made in favour of a purchaser or incumbrancer or other person in good faith and for valuable consideration) shall, for the purposes of this section, be deemed to be a conveyance or transfer operating as a voluntary disposition inter vivos, and the consideration for any conveyance or transfer shall not for this purpose be deemed to be valuable consideration where marriage is the consideration, or part of the consideration, or where the Commissioners are of opinion that by reason of the inadequacy of the sum paid as consideration or other circumstances the conveyance or transfer confers a substantial benefit on the person to whom the property is conveyed or transferred.

(5) Subsections (1) to (4) shall not apply in relation to conveyances or transfers coming within any of the following classes (whether the circumstances by virtue of which the conveyance or transfer comes within any such class are or are not stated in the conveyance or transfer), that is, a conveyance or transfer—

(a) made for nominal consideration for the purpose of securing the repayment of an advance or loan,

(b) made for effectuating the appointment of a new trustee or the retirement of a trustee (whether the trust is expressed or implied),

(c) under which no beneficial interest passes in the property conveyed or transferred,

(d) made to a beneficiary by a trustee or other person in a fiduciary capacity under any trust whether expressed or implied, or

(e) which is a disentailing assurance not limiting any new estate other than an estate in fee simple in the person disentailing the property.

31 Certain contracts to be chargeable as conveyances on sale. [SA1891 s59(1) to (3), (6) and (7)]

31.—(1) Any contract or agreement—

(a) for the sale of any equitable estate or interest in any property, or

(b) for the sale of any estate or interest in any property except lands, tenements, hereditaments, or heritages, or property locally situated outside the State, or goods, wares or merchandise, or stock or marketable securities (being stock or marketable securities other than any share warrant issued in accordance with section 88 of the Companies Act, 1963), or any ship or vessel or aircraft, or part interest, share, or property of or in any ship or vessel or aircraft,

shall be charged with the same ad valorem duty, to be paid by the purchaser, as if it were an actual conveyance on sale of the estate, interest, or property contracted or agreed to be sold.

(2) Where the purchaser has paid the ad valorem duty in accordance with subsection (1) and before having obtained a conveyance or transfer of the property enters into a contract or agreement for the sale of the same, the contract or agreement shall be charged, if the consideration for that sale is in excess of the consideration for the original sale, with the ad valorem duty payable in respect of such excess consideration, but shall not otherwise be chargeable with duty.

(3) Where duty has been duly paid in conformity with subsections (1) and (2), the conveyance or transfer made to the purchaser or sub-purchaser, or any other person on his or her behalf or by his or her direction, shall not be chargeable with any duty, and the Commissioners, on application, either shall denote the payment of the ad valorem duty on the conveyance or transfer, or shall transfer the ad valorem duty to the conveyance or transfer on production of the contract or agreement, or contracts or agreements, duly stamped.

(4) The ad valorem duty paid on any contract or agreement to which this section applies shall be returned by the Commissioners in case the contract or agreement be afterwards rescinded or annulled, or for any other reason be not substantially performed or carried into effect, so as to operate as or be followed by a conveyance or transfer.

32 As to sale of an annuity or right not before in existence. [SA1891 s60]

32.— Where on the sale of any annuity or other right not previously in existence such annuity or other right is not created by actual grant or conveyance, but is only secured by bond, warrant of attorney, covenant, contract, or otherwise, the bond or other instrument, or some one of such instruments, if there be more than one, is to be charged with the same duty as an actual grant or conveyance, and is for the purposes of this Act to be deemed an instrument of conveyance on sale.

33 Conveyance or transfer in contemplation of sale. [FA1978 s34(1) to (4)]

33.—(1) Subject to this section, any instrument whereby property is conveyed or transferred to any person in contemplation of a sale of that property shall be treated for the purposes of this Act as a conveyance or transfer on sale of that property for a consideration equal to the value of that property.

(2) If on a claim made to the Commissioners not later than 6 years after the making or execution of an instrument chargeable with duty in accordance with subsection (1), it is shown to their satisfaction—

(a) that the sale in contemplation of which the instrument was made or executed has not taken place and the property has been reconveyed or retransferred to the person from whom it was conveyed or transferred or to a person to whom his or her rights have been transmitted on death or bankruptcy, or

(b) that the sale has taken place for a consideration which is less than the value in respect of which duty was paid on the instrument by virtue of this section,

the Commissioners shall repay the duty paid by virtue of this section, in a case falling under paragraph (a), so far as it exceeds the stamp duty which would have been payable apart from this section and, in a case falling under paragraph (b), so far as it exceeds the stamp duty which would have been payable if the instrument had been stamped in accordance with subsection (1) in respect of a value equal to the consideration in question.

(3) In a case to which subsection (2)(b) relates, duty shall not be repayable if it appears to the Commissioners that the circumstances are such that a conveyance or transfer on the sale in question would have been chargeable with duty under section 30 by virtue of subsection (4) of that section.

(4) No instrument chargeable with duty in accordance with subsection (1) shall be deemed to be duly stamped unless the Commissioners have been required to express their opinion on the instrument under section 20 and have expressed their opinion on the instrument in accordance with that section.

(5) This section shall apply whether or not an instrument conveys or transfers other property in addition to the property in contemplation of the sale of which it is made or executed, but this section shall not affect the stamp duty chargeable on the instrument in respect of that other property.

34 Agreements in connection with, or in contemplation of, sale. [FA1986 s96(1)]

34.— Where, in connection with, or in contemplation of, a sale of property, the vendor enters into—

(a) an agreement for the grant of a lease of the property for a term exceeding 35 years, or

(b) an agreement (other than a contract for the sale of the property) under which the vendor grants any other rights in relation to the property,

any conveyance or transfer, subject to the agreement, of the property by the vendor shall be charged to stamp duty as a conveyance or transfer on sale of the property for a consideration equal to the value of the property and the value shall be determined without regard to the agreement.

35 Deeds of enlargement. [FA1986 s96(2) and (3)]

35.—(1) A declaration by deed under section 65(2) of the Conveyancing Act, 1881, to the effect that, from and after the execution of the deed, a term subsisting in land shall be enlarged, shall, where the term was created by an instrument executed within 6 years of the date of the execution of the deed, be charged to stamp duty as a conveyance or transfer on sale of that land for a consideration equal to the value of the land and that value shall be determined without regard to that term or any part of that term.

(2) Section 82 shall not apply to a deed which is chargeable to stamp duty under subsection (1).

36 Certain contracts for sale of leasehold interests to be chargeable as conveyances on sale. [FA1978 s31(1) and (1A)]

36.—(1) For the purposes of this section “transfer”, other than the last-mentioned reference in paragraph (ii) of subsection (2), means a transfer which would but for this section be chargeable with stamp duty.

(2) A contract or agreement for the sale of any leasehold interest in any immovable property shall, if—

(a) the purchaser enters into possession of the property before having obtained a transfer, duly stamped, of such interest, and

(b) a transfer of such interest made in pursuance of the contract or agreement is not duly stamped within the period of 9 months from the first execution of the contract or agreement or such longer period as the Commissioners may specify in writing, being a period which they consider reasonable in all the circumstances of the case,

be charged with the same ad valorem stamp duty, to be paid by the purchaser, as if it were an actual transfer on sale of the leasehold interest contracted or agreed to be sold, and where the ad valorem stamp duty charged on the contract or agreement has been duly paid in conformity with this section—

(i) the transfer of that leasehold interest made in pursuance of the contract or agreement shall not be chargeable with any duty,

(ii) the Commissioners, on application, either shall denote the payment of that duty on the transfer, or shall transfer it to the transfer on production of the contract or agreement duly stamped, and

(iii) that duty shall be returned where it is shown to the satisfaction of the Commissioners that the contract or agreement has been rescinded or annulled.

37 Exchanges. [FA1993 s104(2)]

37.— Any instrument effecting a conveyance or transfer of any immovable property in exchange for any other property, wherever situated, whether movable or immovable and with or without the payment of any consideration, shall be chargeable in respect of such conveyance or transfer under the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance” in Schedule 1, with the substitution of the value of immovable property situated in the State thereby conveyed or transferred for the amount or value of the consideration for the sale.

38 Partitions or divisions. [SA1891 s73]

38.—(1) Where on the partition or division of any real or heritable property any consideration exceeding in amount or value £100 is paid or given, or agreed to be paid or given, for equality, the principal or only instrument whereby the partition or division is effected shall be charged with the same ad valorem duty as a conveyance on sale for the consideration, and with that duty only.

(2) Where, in a case to which subsection (1) applies, there are several instruments for completing the title of either party, the principal instrument is to be ascertained, and the other instruments are to be charged with duty in the manner provided for in this Act in the case of several instruments of conveyance.

39 Decree or order for foreclosure, etc., and stamp duty. [FA1898 s6 (part)]

39.—(1) In relation to a conveyance on sale, as valorem stamp duty on a decree or order for, or having the effect of an order for, foreclosure, shall not exceed the duty on a sum equal to the value of the property to which the decree or order relates, and where the decree or order states that value that statement shall be conclusive for the purpose of determining the amount of the duty.

(2) Where ad valorem stamp duty is paid on a decree or order for, or having the effect of an order for, foreclosure, any conveyance following on such decree or order shall be exempt from the ad valorem stamp duty.

40 Calculation of ad valorem duty on stock and securities. [SA1891 s55]

40.—(1) Where the consideration, or any part of the consideration, for a conveyance on sale consists of any stock or marketable security, the conveyance shall be charged with ad valorem duty in respect of the value of that stock or security.

(2) Where the consideration, or any part of the consideration, for a conveyance on sale consists of any security not being a marketable security, the conveyance is to be charged with ad valorem duty in respect of the amount due on the day of the date of the conveyance for principal and interest on that security.

41 How conveyance in consideration of debt, etc., to be charged. [SA1891 s57]

41.— Where any property is conveyed to any person in consideration, wholly or in part, of any debt due to such person, or subject either certainly or contingently to the payment or transfer of any money or stock, whether being or constituting a charge or incumbrance on the property or not, the debt, money, or stock shall be deemed the whole or part, as the case may be, of the consideration in respect of which the conveyance is chargeable with ad valorem duty.

42 Charging of consideration consisting of periodical payments. [SA1891 s56]

42.—(1) Where the consideration, or any part of the consideration, for a conveyance on sale consists of money payable periodically for a definite period not exceeding 20 years, so that the total amount to be paid can be previously ascertained, the conveyance shall be charged in respect of that consideration with ad valorem duty on such total amount.

(2) Where the consideration, or any part of the consideration, for a conveyance on sale consists of money payable periodically for a definite period exceeding 20 years, the conveyance shall be charged in respect of that consideration with ad valorem duty on the total amount which will or may, according to the terms of sale, be payable during the period of 20 years next after the day of the date of the instrument.

(3) Notwithstanding subsections (1) and (2), a conveyance on sale chargeable with ad valorem duty in respect of any periodical payments which contains a provision for securing the payments shall not be charged with any duty in respect of such provision, and any separate instrument made in such case for securing the payments shall not be charged with any higher duty than £10.

43 Further consideration in respect of substantial improvements not chargeable. [FA1900 s10]

43.— A conveyance on sale made for any consideration in respect of which it is chargeable with ad valorem duty and in further consideration of a convenant—

(a) by the purchaser to make, or of the purchaser's having previously made, any substantial improvement of or addition to the property conveyed to such purchaser, or

(b) relating to the subject matter of the conveyance,

shall not be chargeable with any duty in respect of such further consideration.

44 Procedure to apply where consideration, etc., cannot be ascertained. [FA1991 s104 (part)]

44.—(1) Where the consideration for a sale cannot be ascertained at the date of execution of a conveyance and such consideration would, if ascertainable, be chargeable with ad valorem duty in respect of such sale, then stamp duty shall be charged on such sale based on the amount or value of the consideration that could be obtained from a purchaser paying full consideration for such sale.

(2) This section shall not apply to any instrument in relation to which subsection (4)(a) of section 29 applies.

45 Directions as to apportionment of consideration. [SA1891 s58(1) to (3)]

45.—(1) Where property contracted to be sold for one consideration for the whole of it is conveyed to the purchaser in separate parts or parcels by different instruments, then the consideration shall be apportioned in such manner, as the parties think fit, so that a distinct consideration for each separate part or parcel is set forth in the conveyance relating to such separate part or parcel, and such conveyance shall be charged with ad valorem duty in respect of such distinct consideration.

(2) Where—

(a) any property which consists partly of an interest in residential property is sold to any person and the sale (in this subsection referred to as “the first-mentioned sale”) does not form part of a larger transaction or of a series of transactions, or

(b) the sale to any person of property consisting in whole or in part of such an interest forms part of a larger transaction or of a series of transactions,

then the consideration attributable to the first-mentioned sale and the aggregate consideration (other than rent) attributable to that larger transaction or series of transactions, as the case may be, shall be apportioned, on such basis as is just and reasonable, as between that interest in residential property and the other property or part concerned, and that aggregate consideration shall likewise be apportioned as between each other such interest (if any) comprised in that larger transaction or series of transactions and the other property or parts concerned, and notwithstanding the amount or value of the consideration set forth in any instrument—

(i) the consideration so apportioned to that interest shall be deemed to be the amount or the value of the consideration for the sale which is attributable to that interest and the consideration so apportioned to the aggregate of all such interests comprised in that larger transaction or series of transactions shall be deemed to be the amount or value of that aggregate consideration which is attributable to residential property, and

(ii) the consideration so apportioned to the other property or part or parts concerned shall be deemed to be the amount or value of the consideration for the sale, or of that aggregate consideration, as the case may be, which is attributable to property which is not residential property.

(3) Where property contracted to be purchased for one consideration for the whole of it by 2 or more persons jointly, or by any person for such person and others, or wholly for others, is conveyed in parts or parcels by separate instruments to the persons by or for whom the same was purchased for distinct parts of the consideration, then the conveyance of each separate part or parcel shall be charged with ad valorem duty in respect of the distinct part of the consideration specified in the conveyance.

(4) Where there are several instruments of conveyance for completing the purchaser's title to property sold, the principal instrument of conveyance only shall be charged with ad valorem duty, and the other instruments shall be respectively charged with such other duty as they may be liable to, but the last-mentioned duty shall not exceed the ad valorem duty payable in respect of the principal instrument.

46 Directions as to sub-sales. [SA1891 s58(4) to (9)]

46.—(1) Where—

(a) a person having contracted for the purchase of any property, but not having obtained a conveyance of that property, contracts to sell the same to any other person, and

(b) the property is in consequence conveyed immediately to the sub-purchaser,

then the conveyance shall be charged with ad valorem duty in respect of the consideration moving from the sub-purchaser.

(2) Where—

(a) a person having contracted for the purchase of any property but not having obtained a conveyance contracts to sell the whole, or any part or parts of that property, to any other person or persons, and

(b) the property is in consequence conveyed by the original seller to different persons in parts or parcels,

then the conveyance of each part or parcel shall be charged with ad valorem duty in respect only of the consideration moving from the sub-purchaser of such part or parcel, without regard to the amount or value of the original consideration.

(3) Where—

(a) a sub-purchaser takes an actual conveyance of the interest of the person immediately selling to such sub-purchaser, which is chargeable with ad valorem duty in respect of the consideration moving from such sub-purchaser, and

(b) such conveyance is duly stamped accordingly,

then any conveyance to be afterwards made to such sub-purchaser of the same property by the original seller shall be chargeable only with such other duty as it may be liable to, but the last-mentioned duty shall not exceed the ad valorem duty.

(4) (a)In paragraph (b) “the original seller” means, in relation to a case to which subsection (1) applies, the person from whom the property is conveyed to the sub-purchaser and, in relation to a case to which subsection (2) or (3) applies, the original seller referred to in subsection (2) or (3), as the case may be.

(b) The consideration moving from the sub-purchaser shall, in a case to which subsection (1), (2) or (3) applies, be ascertained without regard to the value of any covenant, power, condition or arrangement relating to the subject matter of the conveyance which was not in the contract for sale entered into by the original seller and also without regard to any consideration the duty on which or on any part of which would be charged in accordance with subsection (2) of section 42.

(5) Paragraph (15) of the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance” in Schedule 1 shall not apply to determine the stamp duty to be charged on any conveyance referred to in subsection (1), (2) or (3).

(6) A conveyance in respect of which subsection (4) applies shall be deemed to be a conveyance operating as a voluntary disposition inter vivos for the purposes of section 30.

47 Principal instrument, how to be ascertained. [SA1891 s61(2)]

47.— The parties may determine for the themselves which of several instruments is to be deemed the principal instrument, and may pay the ad valorem duty on the principal instrument accordingly.

48 Stamp duty and value-added tax. [FA1994 s108(1) (part)]

48.— The consideration chargeable under the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance” in Schedule 1 shall exclude any value-added tax chargeable under section 2 of the Value-Added Tax Act, 1972, on such sale.

Chapter 3 Conveyances on any occasion except sale or mortgage

49 Certain transfers, etc., not sales or mortgages, deemed to be conveyances. [SA1891 s62]

49.— Every instrument, and every decree or order of any court or of any commissioners, whereby any property on any occasion, except a sale or mortgage, is transferred to or vested in any person, shall be charged with duty as a conveyance or transfer of property.

Chapter 4 Leases

50 Agreements for not more than 35 years charged as leases. [SA1891 s75(1)]

50.— An agreement for a lease or with respect to the letting of any lands, tenements, or heritable subjects for any term not exceeding 35 years, or for any indefinite term, shall be charged with the same duty as if it were an actual lease made for the term and consideration mentioned in the agreement.

51 Leases how to be charged in respect of produce, etc. [SA1891 s76]

51.—(1) Where the consideration, or any part of the consideration, for which a lease is granted or agreed to be granted, consists of any produce or other goods, the value of the produce or goods shall be deemed a consideration in respect of which the lease or agreement is chargeable with ad valorem duty.

(2) Where it is stipulated that the value of the produce or goods is to amount at least to, or is not to exceed, a given sum, or where the lessee is specially charged with, or has the option of paying after any permanent rate of conversion, the value of the produce or goods shall, for the purpose of assessing the ad valorem duty, be estimated at the given sum, or according to the permanent rate.

(3) If a lease or agreement for a lease made either wholly or partially for any consideration to which subsection (1) relates—

(a) contains a statement of the value of such consideration, and

(b) is stamped in accordance with the statement,

it shall, in respect of the subject matter of the statement, be deemed duly stamped, unless or until it is otherwise shown that the statement is incorrect, and that the lease or agreement is in fact not duly stamped.

52 Charging of duty on leases, etc. [SA1891 s77(1), (2), (5) and (6); RA1909 s8]

52.—(1) A lease, or agreement for a lease, or with respect to any letting, shall not be charged with any duty in respect of any penal rent, or increased rent in the nature of a penal rent, thereby reserved or agreed to be reserved or made payable, or by reason of being made in consideration of the surrender or abandonment of any existing lease, or agreement, of or relating to the same subject matter.

(2) A lease made for any consideration in respect of which it is chargeable with ad valorem duty, and in further consideration either of a covenant by the lessee to make, or of such lessee having previously made, any substantial improvement of or addition to the property demised to such lessee, or of any covenant relating to the matter of the lease, shall not be charged with any duty in respect of such further consideration.

(3) Subsection (2) shall not apply as respects any further consideration in the lease consisting of a covenant which if it were contained in a separate deed would be chargeable with ad valorem stamp duty and, accordingly, the lease shall in any such case be charged with duty in respect of any such further consideration under section 7.

(4) An instrument whereby the rent reserved by any other instrument chargeable with duty and duly stamped as a lease is increased shall not be charged with duty otherwise than as a lease in consideration of the additional rent thereby made payable.

(5) Where—

(a) any property which consists partly of an interest in residential property is leased to any person and that lease (in this subsection referred to as “the first-mentioned lease”) does not form part of a larger transaction or of a series of transactions, or

(b) the lease to any person of property consisting in whole or in part of such an interest forms part of a larger transaction or of a series of transactions,

then the consideration (other than rent) attributable to the first-mentioned lease and the aggregate consideration (other than rent) attributable to that larger transaction or series of transactions, as the case may be, shall be apportioned, on such basis as is just and reasonable, as between that interest in residential property and the other property or part concerned, and that aggregate consideration shall likewise be apportioned as between each other such interest (if any) comprised in that larger transaction or series of transactions and the other property or parts concerned, and notwithstanding the amount or value of the consideration set forth in any instrument—

(i) the consideration so apportioned to that interest shall be deemed to be the amount or the value of the consideration for the lease which is attributable to that interest and the consideration so apportioned to the aggregate of all such interests comprised in that larger transaction or series of transactions shall be deemed to be the amount or value of that aggregate consideration which is attributable to residential property, and

(ii) the consideration so apportioned to the other property or part or parts concerned shall be deemed to be the amount or value of the consideration for the lease, or of that aggregate consideration, as the case may be, which is attributable to property which is not residential property.

53 Lease combined with building agreement for dwellinghouse or apartment. [FA1990 s112(1) to (8) (part)]

53.—(1) (a) In this section—

“building” includes any improvement of any land, and any alteration to the character of any land, preliminary to the erection on that land of a dwellinghouse or apartment;

“land” includes any interest in any land but does not include the result of any act of building.

(b)For the purposes of this section, references to the repayment of stamp duty to a person who paid it include reference to any other person who satisfies the Commissioners that such person is entitled to recover moneys owing to the person.

(2) Notwithstanding subsection (2) of section 52, where, in connection with, or as part of any arrangement involving, a lease of any land, a dwellinghouse or apartment has been built, or is in the course of being built, or is to be built, on that land, any instrument whereby such lease is effected shall be chargeable to stamp duty under subparagraph (a) of paragraph (3) of the heading “LEASE” in Schedule 1, as if the property concerned were residential property on an amount equal to the aggregate of—

(a) any consideration (other than rent) paid in respect of the lease of that land, and

(b) any consideration paid, or to be paid, in respect of the building of the dwellinghouse or apartment on that land.

(3) Without prejudice to the generality of subsection (2), a dwellinghouse or apartment shall be regarded as having been built or being in the course of being built or to be built in connection with, or as part of any arrangement involving, a lease of any land where building has commenced prior to the execution of any instrument effecting the lease.