Revenue eBrief No. 009/24

08 January 2024

Stamp Duty guidance updated

The following Revenue guidance documents in relation to the Stamp Duties Consolidation Act 1999 (“SDCA”) have been updated to reflect certain amendments to the SDCA by Finance (No.2) Act 2023, which was signed into law on 18 December 2023.

Stamp Duties Consolidation Act 1999 - Notes for Guidance 2023.

Stamp Duty Manual Part 6: Special provisions relating to uncertificated securities – Part 6 SDCA makes provision for electronic transfers of securities (such as shares) to be chargeable with stamp duty. Finance (No. 2) Act 2023 amended Chapter 2 of Part 6 to provide for an exemption from stamp duty on certain transfers of Irish shares in the US or Canada. The exemption applies to securities listed on a recognised stock exchange located in the US or Canada and the trade must be settled through a securities settlement system located in the US or Canada. The amendment has put a Revenue administrative practice on a statutory footing. 

Stamp Duty Manual Part 7: Exemptions and reliefs from stamp duty – Prior to amendment by Finance (No. 2) Act 2023, section 101A SDCA provided for an exemption from stamp duty on the sale, transfer or other disposition of payment entitlements within the meaning of Regulation (EU) No. 1307/2013. This Regulation formed part of the Common Agricultural Policy (CAP) Regulations and was repealed and replaced by Regulation (EU) 2021/2115. Finance (No. 2) Act 2023 amended section 101A to refer to payment entitlements within the meaning of the 2021 Regulation, rather than the 2013 Regulation.

Stamp Duty Manual Part 7: Section 81AA - Transfers of land to young trained farmers - Section 81AA SDCA provides for relief from stamp duty in respect of transfers of agricultural land to young trained farmers. Finance (No. 2) Act 2023 provided for an increase in the maximum amount of relief that may be granted under section 81AA and under sections 667B (stock relief) and 667D (relief for succession farm partnerships) of the Taxes Consolidation Act (TCA) 1997 to €100,000. Prior to Finance (No. 2) Act 2023, €70,000 was the maximum amount of relief that could be granted under these provisions. 

Stamp Duty Manual Section 81C: Farm consolidation relief – Section 81C SDCA provides for farm consolidation relief. The section provides for the relief to be clawed back where there is a disposal of the land in respect of which relief was claimed. This clawback provision is disapplied where a farmer disposes of part of the land to a spouse for the purpose of creating a joint tenancy in the land. This TDM is updated to reflect that section 72 of Finance (No. 2) Act 2023 amended this clawback provision to take account of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010, to refer to ‘civil partner’ in addition to ‘spouse’.

Stamp Duty Manual Part 9: Levies - Finance (No.2) Act 2023 introduced a revised bank levy, which is provided for by a new section 126AB SDCA. As part of this, consequential amendments were made to sections 126B and 126C SDCA to ensure that the revised bank levy is within scope of these provisions. Section 126B makes provision for Revenue to make assessments in relation to the duties due on the levies within the scope of Part 9 SDCA, should the need arise. Section 126C provides for a surcharge to be applied on incorrect and late returns. Stamp Duty Manual Part 9: Levies has been updated to reflect these two amendments, to outline the operation of section 126B and to include a reference to the new section 126AB. A standalone TDM for section 126AB has also been published on the Revenue website.

Stamp Duty Manual Schedule 1: Stamp duties on instruments:

• Prior to Finance (No. 2) Act 2023, Schedule 1 SDCA provided for an exemption from stamp duty on leases of houses and apartments where the term of the lease was for less than 35 years, or for an indefinite term, and the annual rent was less than €40,000. Finance (No. 2) Act 2023 increased the annual rent cap from €40,000 to €50,000. 
• Finance (No. 2) Act 2023 extended consanguinity relief, which is provided for by Schedule 1, to 31 December 2028.