Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

The Stamp Duties Consolidation Act 1999 sets out the provisions for the payment of stamp duties in Ireland. Section 125A of that Act provides for a levy payable by insurers on each health insurance policy written by them. The amount of this levy is reviewed annually and section 6 of the Bill amends section 125A of the Stamp Duties Consolidation Act by specifying the applicable stamp duty rates for, first, the period 1 January to 29 February 2016 and, second, the period 1 March 2016 onwards. Stamp duty for health insurance involves a four-rate structure depending on whether the policy written is for an adult or child, or for a non-advanced or advanced plan.

I am advised by the Department of Finance that the proposed amendment is not supported by the Revenue Commissioners as it would create an additional administrative burden with the reconciliation of the returns and payments submitted by health insurers, while not having any clear demonstrable benefit to consumers. Therefore, recognising the concerns expressed by the Department of Finance and the Revenue Commissioners, I am not in a position to accept the amendment.