Brian Cowen (Laois-Offaly, Fianna Fail)

The Revenue Commissioners have been examining the operations of stamp duty and developers and have undertaken a survey of a number of developers to gather more precise information. I will decide what to do when I receive the observations of the Revenue Commissioners. Stamp duty applies when a title to property is legally conveyed. A legal instrument must convey the title, but such an instrument is not created when a licence is given.

Regarding the conveyance of shares in a company, it has long been the position that conveyances are charged at 1% of the value of the shares irrespective of the assets of the company. There is no provision in law for examining the underlying assets of the company. Legally, a company is a separate legal person to its shareowners. I would be reluctant to overturn that distinction lightly and to make the operation of stamp duty law uncertain or complex in terms of the exchange of shares and company transfers generally because they are a normal part of commercial life.

See this speech in context