Section 107 and Schedule 3 of the Finance Act 2012, which commenced on 7th July 2012, render stamp duty a fully self assessed tax. There were a number of key changes:
- Deeds executed on or after 7th July 2012 will not be adjudicated and the Revenue system will not offer that option to persons filing stamp duty returns. However, practitioners will have the option of entering an “Expression of Doubt” when filing an online return. Selecting this option prevents the stamp certificate issuing until Revenue have decided on the point at issue.
- Schedule 1 and Finance Act Certificates, which hitherto were required to validate reliefs and exemptions from stamp duty, are no longer required to be inserted in Deeds.
Where a Deed, that is dated on or after 7th July 2012, is accompanied by a stamp certificate, no query should be raised on the adequacy of stamp duty paid. Solicitors should not, under any circumstances, be asked to submit such a Deed for adjudication.
In the event that a Deed is lodged, without a stamp certificate issued by Revenue, and it is not a Deed creating a joint tenancy in a family home or otherwise obviously exempt from stamping, the following query should be raised:
“The Deed of Transfer was not accompanied by a stamp certificate issued by the Revenue Commissioners. See Section 104 of the Registration of Title Act 1964, as substituted by Section 64 of the Registration of Deeds and Title Act 2006. Please lodge the relevant stamp certificate or, if the Deed is exempt from stamping, state the grounds upon which such exemption is claimed”
A letter from the solicitors, referring to the statutory provisions or Revenue scheme relied upon, will satisfy this query. As stamp duty is a self assessed tax, solicitors should not be asked to submit Deeds to Revenue that are dated on or after 7th July 2012.
Settling officers must ensure that the relevant stamp certificate reference numbers are entered on ITRIS before completing any Dealings.
Legal Office Notices “Revenue and Particulars Delivered Stamping - Legal Office Notice No. 1/2006” and “Stamp Duty (exemption from) in Shared Ownership Leases/Affordable Housing cases - Legal Office Notice 7/2010” are rescinded in so far as they apply to Deeds dated on or after 7th July 2012.
27th July 2012.