Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Section 59 concerns the repayment of stamp duty. I have a specific question in this regard. Yesterday we spoke of institutional investors and their practice of forward-purchasing apartment blocks in particular. We know the 10% stamp duty does not apply to apartment blocks. However it is our understanding that a number of institutional investors have now started forward-funding the construction of homes. That means they are not just entering into agreement to purchase them but they are actually putting up the money upfront and forward-funding the purchase and therefore no conveyance is taking place. This means they are exempt from the 10% stamp duty. Have either the Department or the Revenue Commissioners any information or evidence to suggest there is a change in regard to the practice which means there is no conveyance and therefore this stamp duty does not apply?