Simon Harris (Wicklow, Fine Gael)
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I am advised by Revenue that Stamp Duty is chargeable on a document which provides for the transfer on sale of a mortgage if it:

• is executed in the State,
• relates to any property situated in the State, or
• relates to any matter or thing done or to be done in the State.

However, in practice, Stamp Duty is not generally payable on such a document as the Stamp Duties Consolidation Act (SDCA) 1999 provides for a range of exemptions from the charge.

Section 85 SDCA 1999 provides for an exemption from Stamp Duty on:

• the issue of loan capital or any Government loan,
• the transfer of companies’ loan capital,
• the issue or transfer of securities issued by a qualifying company within the meaning of section 110 of the Taxes Consolidation Act 1997,
• the issue, transfer or redemption of loan capital issued by a company to raise finance to acquire, develop or lease aircraft.

Section 86 SDCA 1999 provides for an exemption on the transfer of loan stock issued by certain State bodies.

Section 90 SDCA 1999, in dealing with debt factoring arrangements, provides for an exemption on the transfer of a debt, or part of a debt, where such transfer occurs in the ordinary course of the business of the vendor or the purchaser.

Relief from Stamp Duty is also provided in relation to transfers of certain property (whether real or intangible) between associated companies (section 79 SDCA 1999) and in relation to the merger of companies where such transfers are effected for bona fide commercial reasons (section 80 SDCA 1999).

In relation to the position that applied prior to 2007, Stamp Duty was chargeable on documents securing loans on property situated in the State and any subsequent transfer of such secured loans, where the amount secured exceeded €254,000. Section 100 of Finance Act 2007 terminated this charge for such mortgage documents executed after this date.

Revenue has made regulations pursuant section 17A SDCA 1999 in relation to the stamping of instruments (Stamp Duty (e-Stamping of Instruments and Self-Assessment) Regulations 2012 (S.I. No. 234 of 2012)). These regulations provide that where an instrument is executed on or after 7 July 2012, a self-assessed Stamp Duty return must be filed electronically through the Revenue-on-line service (ROS), together with the appropriate Stamp Duty liability. In the circumstances outlined above, there is an obligation to file a return where an exemption or relief is claimed under section 79 or 80, but there is no obligation to file a return where an exemption or relief is claimed under sections 85, 86 or 90.

Detailed guidance on the circumstances in which a return must be filed in order to claim an exemption from Stamp Duty is available on the Revenue at:

www.revenue.ie/en/tax-professionals/tdm/stamp-duty/file-and-pay/chapter-02-obligation-to-file-a-return/obligation-to-file-a-stamp-duty-return.pdf.