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Number 19 of 2000
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FINANCE (NO. 2) ACT, 2000
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ARRANGEMENT OF SECTIONS
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PART 1
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Stamp Duties
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Section
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1.
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Interpretation (Part 1).
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2.
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Commencement (Part 1).
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3.
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Amendment of Schedule 1 to Principal Act.
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4.
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Amendment of Chapter 2 of Part 7 of Principal Act.
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PART 2
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Anti-Speculative Property Tax
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5.
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Interpretation (Part 2).
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6.
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Charge of anti-speculative property tax.
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7.
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Exemption of principal private residence.
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8.
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Exemption for property already owned.
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9.
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Exemption for inheritances.
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10.
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Exemption for gifts.
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11.
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Exemption for charities.
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12.
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Exemption for trusts for permanently incapacitated individuals.
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13.
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Exemption for certain property following upon dissolution of marriage, etc.
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14.
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Market value of property.
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15.
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Delivery of returns.
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16.
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Assessment and payment of tax.
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17.
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Incidence.
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18.
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Interest on tax.
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19.
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Payment to Collector.
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20.
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Overpayment of tax.
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21.
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Appeals regarding value of residential property.
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22.
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Appeals in other cases.
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23.
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Recovery of tax.
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24.
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Penalties.
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25.
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Extension of certain Acts.
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26.
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Regulations.
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27.
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Authorisation of officers.
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PART 3
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Miscellaneous
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28.
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Care and management of taxes and duties.
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29.
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Short title and construction.
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SCHEDULE
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Stamp Duty on Instruments
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Acts Referred to
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Capital Acquisitions Tax Act, 1976
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1976, No. 8
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Family Law (Divorce) Act, 1996
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1996, No. 33
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Finance (1909-10) Act, 1910
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10 Edw. 7, c. 8
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Finance Act, 1998
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1998, No. 3
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Finance Act, 1999
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1999, No. 2
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Finance Act, 2000
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2000, No. 3
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Health (Eastern Regional Health Authority) Act, 1999
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1999, No. 13
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Housing (Miscellaneous Provisions) Act, 1992
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1992, No. 18
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Inland Revenue Regulation Act, 1890
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53 & 54 Vict., c. 21
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Judicial Separation and Family Law Reform Act, 1989
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1989, No. 6
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Provisional Collection of Taxes Act, 1927
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1927, No. 7
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Stamp Duties Consolidation Act, 1999
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1999, No. 31
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Taxes Consolidation Act, 1997
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1997, No. 39
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Tourist Traffic Act, 1939
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1939, No. 24
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Tourist Traffic Act, 1957
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1957, No. 27
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Number 19 of 2000
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FINANCE (NO. 2) ACT, 2000
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AN ACT TO CHARGE AND IMPOSE CERTAIN DUTIES OF INLAND REVENUE, TO AMEND THE LAW RELATING TO INLAND REVENUE AND TO MAKE FURTHER PROVISIONS IN CONNECTION WITH FINANCE.
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[5th July, 2000]
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BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
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PART 1
Stamp Duties
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Interpretation (Part 1).
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1.—In this Part—
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“Principal Act” means the Stamp Duties Consolidation Act, 1999 ;
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“Commissioners” means the Revenue Commissioners;
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“Schedule 1” means Schedule 1 to the Principal Act.
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Commencement (Part 1).
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2.—(1) Subject to subsection (2) and except where otherwise expressly provided, this Part shall have effect as respects instruments executed on or after 15 June 2000.
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(2) Subsection (1) shall not apply as respects any instrument executed on or before 31 January 2001, where—
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(a) the effect of the application of subsection (1) would be to increase the duty otherwise chargeable on the instrument, and
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(b) the instrument contains a statement in such form as the Commissioners may specify, certifying that the instrument was executed solely in pursuance of a contract which was evidenced in writing prior to 15 June 2000.
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(3) The furnishing of an incorrect certificate for the purposes of subsection (2) shall be deemed to constitute the delivery of an incorrect statement for the purposes of section 1078 of the Taxes Consolidation Act, 1997 .
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Amendment of Schedule 1 to Principal Act.
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3.—Schedule 1 is amended—
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(a) by the substitution of the paragraphs set out in Part 1 of the Schedule for paragraphs (1) to (6) of the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance”, and
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(b) by the substitution of the subparagraph set out in Part 2 of the Schedule for subparagraph (a) of paragraph (3) of the Heading “LEASE”.
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Amendment of Chapter 2 of Part 7 of Principal Act.
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4.—Chapter 2 of Part 7 of the Principal Act is amended by the insertion of the following sections after section 92:
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“Residential property owner occupier relief.
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92A.—(1) The amount of stamp duty chargeable under or by reference to paragraphs (1) to (6) of the Heading ‘CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance’ or clauses (i) to (vi) of paragraph (3)(a) of the Heading ‘LEASE’, as the case may be, in Schedule 1 on any instrument to which this section applies shall be reduced, where paragraph (1) or clause (i) applies, to nil, and where—
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(a) paragraph (2) or clause (ii) applies, to an amount equal to three-ninths,
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(b) paragraph (3) or clause (iii) applies, to an amount equal to four-ninths,
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(c) paragraph (4) or clause (iv) applies, to an amount equal to five-ninths,
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(d) paragraph (5) or clause (v) applies, to an amount equal to six-ninths,
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(e) paragraph (6) or clause (vi) applies, to an amount equal to seven and one half-ninths,
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of the amount which would otherwise have been chargeable but where the amount so obtained is a fraction of £1 that amount shall be rounded up to the nearest £.
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(2) This section shall apply to—
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(a) any instrument to which section 92 applies, or
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(b) any instrument, other than one to which section 92 applies, which contains a statement, in such form as the Commissioners may specify, certifying that—
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(i) the instrument gives effect to the purchase of a dwellinghouse or apartment, and
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(ii) until the expiration of the period of 5 years commencing on the date of the execution of the instrument or the subsequent sale (other than a sale the contract for which, if it were a written conveyance, would not, apart from section 82, be charged with full ad valorem duty or a sale to a company under the control of the vendor or of any person entitled to a beneficial interest in the dwellinghouse or apartment immediately prior to the sale or to a company which would, in relation to a notional gift of shares in that company taken, immediately prior to the sale, by any person so entitled, be under the control of the donee or successor within the meaning of section 16 of the Capital Acquisitions Tax Act, 1976 , irrespective of the shares the subject matter of the notional gift) of the dwellinghouse or apartment concerned, whichever event first occurs, that dwellinghouse or apartment will be occupied as the only or principal place of residence of the purchaser, or if there be more than one purchaser, of any one or more of the purchasers or of some other person in right of the purchaser or, if there be more than one purchaser, of some other person in right of any one or more of the purchasers and that no person, other than by virtue of a title prior to that of the purchaser, will derive any rent or payment in the nature of rent for the use of that dwellinghouse or apartment, or of any part of it, during that period.
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(3) Where subsection (1) applies to an instrument and at any time during the period referred to in section 92(1)(b)(ii) or in subsection (2)(b)(ii) of this section, some person, other than by virtue of a title prior to that of the purchaser, derives any rent or payment in the nature of rent for the use of the dwellinghouse or apartment concerned, or of any part of it, the purchaser, or where there be more than one purchaser, each such purchaser, shall—
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(a) jointly and severally become liable to pay to the Commissioners a penalty equal to the difference between the amount of the duty which would have been charged in the first instance if the dwellinghouse or apartment had been conveyed or transferred or leased by an instrument to which subsection (1) had not applied and the amount of duty which was actually charged together with interest on that amount charged at a rate of 1 per cent per month or part of a month from the date when the rent or payment is first received to the date the penalty is remitted, and
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(b) the person who receives the rent or payment shall, within 6 months after the date of the payment, notify the payment to the Commissioners on a form provided, or approved of, by them for the purposes of this section, unless that person is already aware that the Commissioners have already received such a notification from another source.
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(4) Where the instrument is one to which this section and section 92 applies—
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(a) the reference in subsection (3) to the amount of duty which would have been charged in the first instance shall be construed as a reference to the duty which would have been charged had the relief under section 92 continued to apply, and
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(b) the reference to the amount of duty which was actually charged in subsection (2)(a) of section 92 shall be construed as a reference to the duty which would have been charged had the relief under this section been denied,
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and the penalty referred to in subsection (3) shall be in addition to any penalty payable under section 92.
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(5) Notwithstanding subsection (2), subsection (1) shall not apply unless the consideration for the sale or lease concerned which is attributable to residential property is wholly attributable to residential property which would otherwise qualify for relief under this section or where the sale or lease concerned forms part of a larger transaction or of a series of transactions unless the aggregate consideration for that larger...
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