Tom Neville (Limerick County, Fine Gael)
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99. To ask the Minister for Finance if the payment of a deposit on a commercial land transfer before the budget change of 11 October 2017 will be recognised as a binding contractual agreement; and if he will make a statement on the matter. [50742/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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The rate of stamp duty on non-residential land was increased to 6% on Budget Day, which rate applies in relation to all relevant conveyances executed after midnight on 10 October 2017. I subsequently introduced transitional measures in the Finance Bill that will allow for the lower rate of 2% to continue to apply where the parties to a contract entered into a binding contract before 11 October 2017 and where the conveyance or transfer is executed on or before 31 December 2017.

I am advised by Revenue that the payment of a deposit does not, of itself, necessarily indicate that the parties to a transaction had entered into a binding contract for the conveyance of property. If individuals are in doubt about the status of a transaction they should consult with their legal advisors to determine whether they had, in fact, entered into binding contracts before 11 October 2017 and indeed, whether the conveyances will be executed on or before 31 December 2017.