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

I move amendment No. 94:

In page 82, line 25, to delete " 'business' "and substitute " 'relevant business' ".

I propose to take amendments Nos. 94 to 103, inclusive, together. These amendments make changes to section 68 of the Bill which inserts a new section 126AA into the Stamp Duties Consolidation Act 1999. The purpose of section 126AA is to provide for the stamp duty levy on certain financial institutions which was announced in the budget.

These amendments are being made in order to ensure that the levy is payable by financial institutions which were liable to pay DIRT in 2011 and are trading in the State at the due date for payment of the levy, that is, 20 October in each of the years 2014, 2015 and 2016. A financial institution, which has ceased to carry on a business of taking and holding deposits at the due date for payment of the levy, will be liable to pay the levy where the financial institution is carrying on a trade or business in the State at the payment date.

Amendment No. 95 is the main amendment which substitutes a new definition for "relevant person" in subsection (1) of section 126AA. This new definition confirms that the levy will be payable by a financial institution which was obliged to pay DIRT in 2011 and is still carrying on a trade or business in the State even though the financial institution may have ceased to carry on a business of taking and holding deposits.

Amendment No. 94 and amendment Nos. 96 to 103, inclusive, are consequential technical amendments arising from the change being made by amendment No. 95. I commend these amendments to the committee.