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Stamp Duty Proposals in Finance Bill
The Minister for Finance has published the Finance Bill 2012. The Bill includes provisions previously announced in the Minister’s Budget Speech in December as well as additional provisions not previously announced.
Amongst the measures in the Bill are a number of new ones relating to Stamp Duty. These include:
- Stamp Duty will be placed on a full self assessment basis. Instruments will be required to be stamped within 30 days of a transaction and the adjudication procedure will be abolished. Revenue will have power to make assessments and new audit and appeal procedures will be introduced.
- Relief from Stamp Duty will be available for cross-border company mergers and mergers of Irish public limited companies.
- Transfers between recognised clearing houses or their nominees will qualify for Stamp Duty relief and technical changes will be made to definitions for Pension Fund Levy purposes.
- Extension of reliefs and range and scope of stamp duty exemptions applying to certain financial transactions. The Bill also confirms the stamp duty treatment of options over shares.