ARTICLE
5 January 2018

Ireland Finance Bill 2017 - Stamp Duty Update

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Walkers

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Walkers is a leading international law firm which advises on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey. From our 10 offices, we provide legal, corporate and fiduciary services to global corporations, financial institutions, capital markets participants and investment fund managers.
The first draft of Finance Bill 2017 published on 19 October 2017 provided for this increase as well as certain transitional measures.
Ireland Tax

 Irish Non-Residential Property: 6% Stamp Duty Rate Extended

Budget 2018 increased stamp duty on Irish non-residential property transactions from 2% to 6% in respect of instruments executed on or after 11 October 2017. The first draft of Finance Bill 2017 published on 19 October 2017 provided for this increase as well as certain transitional measures.

The final version of Finance Bill 2017 which was passed on 13 December 2017 and is due to be signed into law shortly, seeks to extend the 6% stamp duty charge to transfers of shares or interests in companies, funds or partnerships, that derive more than 50% of their value from Irish non-residential property. A late recommendation through the Seanad (Upper House), the measure seeks to prevent circumventing the increased stamp duty charge on non-residential property transactions by effecting the transfer through a sale of shares or partnership interests where lower stamp duty (1% stamp duty on transfers of Irish shares) or no stamp duty (transfers of non-Irish shares) may have applied.

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