Pat Carey (Dublin North West, Fianna Fail)

This section repeals section 110 of the Finance Act 2007 and reinstates it again with the same charging provisions but subject to certain exemptions being made to those charging provisions along with some minor technical amendments. The purpose of the original section 110 and this reinstated section is to address the arrangements that are being used by some developers that give rise to an avoidance of liability to stamp duty. As the law currently stands, these arrangements are permissible.

As Senators are aware, stamp duty is imposed at various rates upon specified categories of instruments subject to a range of exemptions. An instrument concludes every written document and liability to stamp duty arises at present when an instrument of a type that attracts a charge is executed. With regard to real property such as land and buildings the document which attracts the charge is the instrument by means of which legal title to land is conveyed or transferred from one owner to another.