Catherine Murphy (Kildare North, Social Democrats)
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278. To ask the Minister for Finance if the duty payable in the context of Stamp Duty Consolidation Act 1999, must be calculated according to the total market value of the debts or choses-in-action, regardless of the amount that was paid for them by the assignee; if he has discretion to waive that requirement or reduce the amount chargeable on any instrument; and if the Revenue Commissioners have the authority to make arrangements for bulk payments under section 5 of the Act. [4607/23]

Michael McGrath (Cork South Central, Fianna Fail)
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I am advised by Revenue that, as a general rule, the stamp duty chargeable on a transfer of property is calculated by reference to the consideration paid for the property, including where that consists of debts or choses-in-action (which can include stocks or shares). However, where no consideration is paid or consideration is paid but at an amount that is less than the market value of the property, section 30 of the Stamp Duties Consolidation Act (SDCA) 1999 makes provision for stamp duty to be charged on the market value of the property. The market value of property is regarded as the price which, in the opinion of Revenue, such property would fetch if sold in the open market on the date on which the property is transferred, to be valued in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for the property.  Further information on the operation of section 30 SDCA is available on the Revenue website at:

www.revenue.ie/en/tax-professionals/documents/notes-for-guidance/stamp-duty/2023/part-05-provisions-applicable-to-particular-instruments-sections-22-67.pdf.

The SDCA 1999 does not make provision for the Minister for Finance (or for Revenue) to waive or reduce the amount that is chargeable to stamp duty on any instrument.  I am advised, however, that Revenue does have the authority to make arrangements in relation to bulk payments. Under section 5 SDCA 1999, Revenue may enter into a composition agreement for the payment of stamp duty with any person (or a person acting on their behalf) carrying on a business and who, in the course of that business, is a party to instruments liable to stamp duty. Revenue may enter into such an agreement where they consider that such a person or his or her agent would find it inexpedient or impractical to pay stamp duty in respect of each individual instrument. Revenue decides on the form, and the terms and conditions, of composition agreements.  Further information on the operation of section 5 SDCA is available on the Revenue website at:

www.revenue.ie/en/tax-professionals/documents/notes-for-guidance/stamp-duty/2022/part-02-charging-stamping-instruments.pdf.