Modern Look II

THIS SECOND ARTICLE on the draft legislation relating to the modernisation of stamp duty focusses on the administrative aspects of the proposed new régime. Part I of this article (seeTaxation 20 February 2003) alluded to the fact that the new tax will not be voluntary and that there will be a requirement for the Revenue’s Stamp Office to be notified by the purchaser when a land transaction has taken place. This article outlines these areas along with powers the Revenue will have to raise enquiries in respect of transactions which have been notified to them.

Notification

All land transactions that is transactions attracting a charge to the new tax will have to be notified to the Revenue unless they constitute exempt land transactions or involve ‘minor interests’ that are zero rated as the consideration...