Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

This matter was dealt with in the Seanad but I said on Report Stage in the Dáíl that a further change to the Bill was needed. The change was accepted by the Seanad and is now before the Dáil for approval. As Members are aware, the rate of stamp duty on non-residential property was increased to 6% on budget day. That rate applies to all related conveyances executed after 12 midnight on 10 October 2017. This measure is intended to ensure that the new 6% rate will also apply when non-residential property held by an entity such as a company is indirectly sold by way of a sale of the shares in the company and, effectively, the company itself. The rate of stamp duty on non-residential commercial property is now 6% and the rate applied to the sale of shares is 1%.

The stamp duty rate differential provides an incentive for parties involved in large property deals to seek to structure transactions in such a way that they will avoid the 6% rate. Such avoidance could take the form of the placing of property into a so-called corporate wrapper or envelope before then selling on the corporate entity itself by selling its shares, which would be subject to a 1% stamp duty rate. The measure also targets partnerships and certain investment undertakings used for collective investment purposes which would hold a significant amount of Irish property or interest in Irish property. The measure is essentially aimed at entities that deal in land or develop land-----

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