Ms Josephine Feehily:

This is largely designed as a transparency clause between the buyer and the seller. It is in the Bill and, therefore, I am somewhat constrained. It is still before the Houses. A certain amount of administration relating to the property tax must take place at a conveyance. Charges will have to be discharged and so on. In the context of the conveyance, we maintain that the seller should tell the purchaser the value he or she put on the property for property tax purposes. The purchaser will assume the responsibility from 1 November following the purchase. Presumably the purchaser will wish to assure herself that there is no bill stuck on the property because of a deferral. The issue is part of that discussion.

One thing the public debate on this clause taught me is that we need to prepare some dedicated guidance on what will happen or on the implications for a conveyance in the context of this new tax. We have not done that yet but we will get to it. That is what it is all about. It is simply because the charge continues. A new person is liable and that person must be told. To echo our earlier conversation, at that point we have a responsibility for compliance as well, whatever about the rights or wrongs of it. If someone has made a significant under-declaration, we maintain the purchaser should tell us because if the purchaser is paying a vast price for a house, it is material for her to know how the seller valued it. The purchaser will have to take up the responsibility for meeting the obligations of the tax from the following 1 November. That is the context for it.