Revenue eBrief No. 055/21

11 March 2021

Stamp duty: Finance Act 2020 changes

The following stamp duty Tax and Duty Manuals have been amended to reflect changes made by Finance Act 2020.

• Section 31C: Shares deriving value from immovable property situated in the State has been amended at paragraph 6.3, and Section 31D: Cancellation schemes of arrangement has been amended at paragraph 4 to reflect the provision in section 31C that, where both sections can apply to an arrangement, section 31C takes priority over section 31D.
• Section 81C: Farm consolidation relief has been amended at paragraph 1 to reflect the extension of farm consolidation relief by a further 2 years to 31 December 2022 (subject to a Commencement Order).
• Section 83D: Residential development refund scheme has been updated at paragraphs 2.3, 2.4, 2.7, 3.4 and 3.7 to reflect an extension from 2 years to 30 months in the time allowed to complete a development, and an extension by a further year to 31 December 2022 in the time allowed to commence a development under the scheme.
• Section 126AA: Bank levy has been updated at paragraph 3 to reflect an increase in the rate of the bank levy for the year 2021 to maintain the fixed annual yield of €150 million.
• Schedule 1 to SDCA 1999: Stamp duties on instruments has been updated at paragraph 2.5 to reflect the extension of ‘consanguinity relief’ for a further 3 years to 31 December 2023.