Kevin Humphreys (Dublin South East, Labour)
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37. To ask the Minister for Finance if there are any penalties for providing incorrect information in relation to the property price register (details supplied); if he will consider implementing some; and if he will make a statement on the matter. [30431/14]

Michael Noonan (Limerick City, Fine Gael)
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The property price register is produced by the Property Services Regulatory Authority in accordance with the Property Services (Regulation) Act 2011 which is a matter for the Minister for Justice and Equality.

I am advised by the Revenue Commissioners that a person who acquires a property is required, for stamp duty purposes, to file a stamp duty return on a self assessment basis with the Revenue Commissioners. The necessary information provided in relation to a property for stamp duty purposes should correspond to that contained in the Deed of Transfer/Conveyance.

There is provision in the Stamp Duties Consolidation Act 1999 for the exchange of information between the Revenue Commissioners and the Property Services Regulatory Authority (PSRA) where requested by either party. Revenue can provide such information in relation to a property as is contained in Revenue's e-stamping system - as provided by or on behalf of a purchaser on the stamp duty return.

A person who files an incorrect stamp duty return, which results in an underpayment of stamp duty, is subject to interest and penalties. Where, as part of Revenue's compliance programme,  an underpayment of stamp duty is established, a penalty based on the amount of the stamp duty underpaid is imposed by Revenue. Interest is also chargeable in relation to any unpaid duty. While there is no penalty provision in the Stamp Duties Consolidation Act 1999 for inaccuracies in a stamp duty return that does not affect stamp duty liability, Revenue is conscious of the need to ensure, in as far as possible, that information supplied on stamp duty returns is accurate.

The role of solicitors in ensuring the accuracy of information included in stamp duty returns is a significant factor in  this regard.  Revenue engages with solicitors who file inaccurate information on returns  to ensure correction and with a view to improving future accuracy.  To date  the level of inaccuracy identified, whether  through complaints made to Revenue by property owners (directly or through the  PRSA) or through their own compliance checks, has not been at a level that would indicate a significant level of inaccuracy, with some 250 complaints received in respect of some 55,000 stamp duty returns filed (both residential and non-residential) in 2013. However, if the transparency brought about by publication of the Property Price Register highlights a significant level of inaccuracy, I will consider any proposals, including the imposition of penalties, that will improve the accuracy of  data appearing on the Property Price Register.

If an inaccuracy in a stamp duty return is also reflected in a Deed of Transfer/Conveyance, such inaccuracy could of course have implications in relation to the title of the property.