The rate of stamp duty on non-residential property was increased from 2% to 6% with effect from midnight on Budget Day. However transitional arrangements are in place whereby the 2% rate of stamp duty will apply to binding contracts entered into before 11 October 2017 provided the instrument for the transfer is executed before 1 January 2018.
The instrument must include a self- certification (in a form specified by Revenue) that it was executed soley in pursuance of a binding contract entered into before 11 October 2017. The furnishing of an incorrect statement will be treated as a Revenue Offence (under S1078 TCA 1997) – with the resulting serious consequences.
The transfer of agricultural land will be liable for the 6% rate of stamp duty. However, “Consanguinity Relief” has been extended to ensure that the current 1% rate of stamp duty applying to the transfer of land between relatives is extended until 1 January 2021. In addition, the upper age limit of 67 for the transferor is being abolished.
The Finance Bill does not contain any measures related to the new Stamp Duty Refund Scheme announced on Budget Day. It is expected that this scheme will be introduced at Committee Stage of the Bill.