Pearse Doherty (Donegal, Sinn Fein)
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114. To ask the Minister for Finance if a person who started to purchase a plot of agricultural land 12 months ago and has signed contracts agreeing to the sale price will be subject to the new 6% stamp duty rate on land that they agreed to buy a number of months ago were the sale to be finalised in advance of the Finance Bill 2017 being passed while the deal has yet to be finalised, in circumstances in which the person is not entitled to consanguinity relief or young farmers relief. [45219/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I am advised by Revenue that, in the absence of consanguinity relief (i.e. for property transferred between certain relatives) or the exemption on transfers of land to young trained farmers, stamp duty on a sale of agricultural land is treated as a transfer of non-residential property. A transfer of such property is charged at 6% of the consideration for conveyances executed on or after 11 October 2017.

The transitional measures referred to in my Budget speech will come into effect on the enactment of the Finance Bill. This means that where a binding contract was in place before 11 October 2017 and the subsequent deed of conveyance or transfer is executed before 1 January 2018, stamp duty will be chargeable at the lower rate of 2%. Whether or not a contract is binding on the parties to the contract is a matter to be determined in light of the particular facts and circumstances of each case.

Anyone who is affected by this measure and makes a stamp duty return to Revenue in relation to a transfer or conveyance of agricultural land before the enactment of the Finance Bill will be liable to pay the 6% rate of stamp duty introduced from Budget night, but will be able to claim a refund of the difference between the 2% and 6% rates after the Finance Bill is enacted if the deed of transfer or conveyance has been executed before 1 January 2018. In the normal course of events, the Finance Bill is usually enacted before the end of December.

Pearse Doherty (Donegal, Sinn Fein)
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115. To ask the Minister for Finance the point at which stamp duty is levied and deemed to be liable for example, on the point of sale, signing of deeds and so on; and if he will make a statement on the matter. [45220/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I am advised by Revenue that stamp duty is chargeable on a conveyance or transfer on sale of a property. This happens when the interest in a property is transferred to or vested in a purchaser. The stamp duty is payable to Revenue 30 days after the execution of the deed of conveyance or transfer on sale. Execution of the deed would be expected to happen at the final stage of the sale when the purchaser pays the full consideration to the seller.