Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

I move amendment No. 91:

In page 81, to delete lines 31 to 33 and substitute the following:“ “86A.(1) Stamp duty shall not be chargeable on any conveyance or transfer of stocks or marketable securities admitted to the Enterprise Securities Market operated by the Irish Stock Exchange Limited.
(2) Subsection (1) shall not apply to any conveyance or transfer of stocks or marketable securities where the admission of the stocks or marketable securities to the Enterprise Securities Market has been cancelled by the Irish Stock Exchange Limited.”.”.

The amendment makes changes to section 66 which inserts a new section into the Stamp Duties Consolidation Act 1999. The purpose of the new section is to provide for an exemption from the 1% stamp duty for transfers of shares to companies listed on the enterprise securities market, ESM, of the Irish Stock Exchange. The exemption for the transfer of shares in ESM listed companies is provided for in subsection (1) of the replacement section. A minor technical change is being made to original version of section 86A in the Bill as initiated by removing the words "for trading on" as these words are superfluous. The exemption will apply on the basis that the shares are "admitted" to the ESM.

A new subsection has been inserted into section 86A to ensure the exemption will cease to apply where the admission of the shares for the ESM has been cancelled by the Irish Stock Exchange. The exemption will encourage growth companies to seek a listing on the ESM with a view to raising capital which will enable the companies to further develop their businesses. The measure, in conjunction with other measures which feature in the Finance Bill will support entrepreneurs involved in new ventures and will contribute to the creation of additional jobs. I commend the amendment to the committee.