Pearse Doherty (Donegal South West, Sinn Fein)
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Question 80: To ask the Minister for Finance if a person (details supplied) is exempt from paying a stamp duty liability which may have been incurred due to the implementation of budget 2011. [13758/11]

Michael Noonan (Limerick City, Fine Gael)
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The changes to stamp duty rates, reliefs and exemptions, brought into effect by the last Budget, apply to all instruments executed on or after 8 December 2010. Budget 2011 introduced transitional arrangements to be applied where, as a result of these changes, a taxpayer was disadvantaged compared to the stamp duty treatment applicable prior to 8 December 2010. However, the transitional arrangements can be applied only where a binding contract had been entered into prior to 8 December 2010 and where the instrument is executed on or after 8 December 2010 but before 1 July 2011.

I have been informed by the Revenue Commissioners, on the basis of the facts supplied in this case, that a binding contract was not in place until 13 December 2010 which is the date by which it was signed by all parties and therefore, the contract date. As a binding contract was not in place prior to the 8 December 2010, the transitional arrangements do not apply in this case and the purchaser is liable for stamp duty at the new rates introduced in Budget 2011.

Question No. 81 answered with Question No. 79.