Réada Cronin (Kildare North, Sinn Fein)
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241. To ask the Minister for Finance his views on whether any instrument of assignment of a debt or chose-in-action in cases in which there has been a failure to pay duty on a chargeable instrument, is inadmissible to prove the assignment, subject to the provisions of section 127(4) of the Stamp Duty Consolidation Act 1999; if he is satisfied that all banks and vulture funds so called must and do produce certificates of proof that duty has been paid on certain instruments of assignment; if he is satisfied that any such failure to produce such certificates of proof would render those instruments inadmissible to prove the assignment; and if he will make a statement on the matter. [48542/22]

Réada Cronin (Kildare North, Sinn Fein)
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242. To ask the Minister for Finance if he is satisfied that the Revenue Commissioners are providing certificates for all payments of duty made on chargeable instruments; if he will publish copies of all such certificates issued by the Revenue Commissioners, together with details of same in tabular form; if deemed necessary if he will request an investigation into the issuing of certificates of proof of payment of duty on chargeable instruments of assignment or debt or choses-in-action; and if so if will inform Dáil Éireann of the outcome of same; and if he will make a statement on the matter. [48543/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 241 and 242 together.

As they both relate to stamp duties on chargeable instruments.

Regarding Dail Question 241 (Ref: 48542/22), I am advised by Revenue that in general, it is a requirement that all transfers or leases of property be stamped by Revenue irrespective of whether they are liable to stamp duty. All other instruments, if liable to stamp duty, must be stamped by Revenue. The requirement to submit instruments to Revenue for stamping was provided for in section 12 SDCA 1999 and subsequently by the e-Stamping Regulations for the electronic filing of instruments, which came into operation on 1 June 2011.

Section 127 of the Stamp Duties Consolidation Act (SDCA) 1999 provides that an unstamped instrument may not be used in evidence or for any purpose except as evidence in criminal proceedings or in civil proceedings by Revenue to recover stamp duty. Accordingly, I am advised by Revenue that where there is a requirement to have an instrument stamped by Revenue and that requirement is not satisfied, apart from the circumstances outlined, section 127 provides that the instrument may not be used in evidence, including to prove title to the property which is the subject of the instrument. Banks and other bodies are not excluded from these requirements.

Where a liability to stamp duty arises on an instrument of assignment of a chose-in-action and the instrument is not stamped, then, in accordance with section 127 SDCA 1999, the instrument may not be used in evidence or for any purpose except as evidence in criminal proceedings or in civil proceedings by Revenue to recover stamp duty. Prior to 7 December 2006, stamp duty was chargeable on debts such as debentures and bonds including mortgages securing loans on property situated in the State and any subsequent transfer of such debts where the amount secured exceeded €254,000. Section 100 Finance Act 2007 terminated this charge for such ‘debt’ documents executed after this date.

Regarding Dail Question No. 242 (Ref: 48543/22), I am also advised by Revenue that as stamp duty is a self-assessed duty, Stamp Certificates issue automatically once the return has been filed and any payment due, including, interest, surcharges or penalties, has been paid in full.

Revenue is obliged to treat personal and business information of all taxpayers in the strictest of confidence and therefore it is not in a position to publish copies of certificates. Revenue will, however, provide a breakdown of the number of certificates issued under each instrument to the Deputy in the coming weeks. If the Deputy has a concern relating to a specific transaction and sends details of that transaction to my Department, I can provide the details to Revenue for further examination.