Finance Act 2003

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Time limits for claiming a repayment of stamp duty,

159A.—(1) Without prejudice to any other provision of this Act containing a shorter time limit for the making of a claim for repayment, no stamp duty shall be repaid to a person in respect of a valid claim (within the meaning of section 159B), unless that valid claim is made within the period of 4 years from, as the case may be, the date the instrument was stamped by the Commissioners, the date the statement of liability was delivered to the Commissioners or the date the operator-instruction referred to in section 69 was made.

(2) Subsection (1) shall not apply to a repayment claim in respect of stamp duty arising on or before the date of the passing of the Finance Act 2003, where a valid claim is made on or before 31 December 2004.

Interest on repayments of stamp duty.

159B.—(1) In this section—

‘relevant date’, in relation to a repayment of stamp duty, means:

(a) the date which is 183 days after the date on which a valid claim in respect of the repayment is made to the Commissioners, or

(b) where the repayment is due to a mistaken assumption in the operation of stamp duty on the part of the Commissioners, the date which is the date of the payment of stamp duty, interest, a surcharge or a penalty, as the case may be, which has given rise to that repayment.

‘relevant document’ means—

(a) an instrument stamped by the Commissioners, or a statement of liability delivered to the Commissioners under any provision of this Act, or

(b) an operator-instruction entered in a relevant system under section 69.

‘repayment’ means a repayment of stamp duty including a repayment of—

(a) any interest charged,

(b) any surcharge imposed,

(c) any penalty incurred,

under any provision of this Act in relation to stamp duty.

(2) No interest shall be payable in respect of a repayment claim made under any other provision of this Act unless such interest falls to be paid under this section.

(3) Subject to the provisions of this section, where a person is entitled to a repayment in respect of a relevant document, to which this section applies, the amount of the repayment shall, subject to a valid claim in respect of the repayment being made to the Commissioners and subject to section 1006A(2A) of the Taxes Consolidation Act 1997 , carry simple interest at the rate of 0.011 per cent, or such other rate (if any) prescribed by the Minister by order under subsection (8), for each day or part of a day for the period commencing on the relevant date and ending on the date upon which the repayment is made.

(4) A claim for repayment under this section shall only be treated as a valid claim when—

(a) it has been made in accordance with the provisions of the law (if any) relating to stamp duty under which such claim is made.

and

(b) all information which the Commissioners may reasonably require to enable them determine if and to what extent a repayment is due, has been furnished to them.

(5) Interest shall not be payable under this section if it amounts to €10 or less.

(6) This section shall not apply in relation to any repayment or part of a repayment of stamp duty in respect of which interest is payable under or by virtue of any provision of any other enactment.

(7) Income tax shall not be deductible on any payment of interest under this section and such interest shall not be reckoned in computing income for the purposes of the Tax Acts.

(8) (a) The Minister may, from time to time, make an order prescribing a rate for the purposes of subsection (3).

(b) Every order made by the Minister under paragraph (a) shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the order is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done under it.

(9) The Commissioners may make regulations as they deem necessary in relation to the operation of this section.

Time limits for making enquiries etc. and assessments by the Commissioners.

159C.—(1) In this section—

‘neglect’ means negligence or a failure to—

(a) deliver to the Commissioners an instrument chargeable with stamp duty or a statement of liability required under any provision of this Act, or

(b) enter a correct instruction in a relevant system within the meaning of section 68;

‘relevant instrument’ means—

(a) an instrument stamped by the Commissioners or a statement delivered to the Commissioners under any provision of this Act, or

(b) an instruction of the type referred to in section 76;

‘relevant period’, in relation to a relevant instrument, means the period of 4 years commencing on the date the instrument was stamped by the Commissioners, or the date the statement was delivered to the Commissioners, or the date the instruction was made.

(2) The making of enquiries or the taking of other action by the Commissioners for the purpose of satisfying themselves as to the correctness or otherwise of the charge arising, either directly or indirectly, to stamp duty in respect of a relevant instrument may not be initiated after the expiry of the relevant period.

(3) Notwithstanding any other provision in any other section of this Act, an assessment made in connection with or in relation to any relevant instrument may not be made after the expiry of the relevant period.

(4) The time limit referred to in subsections (2) and (3) shall not apply where the Commissioners have reasonable grounds for believing that any form of fraud or neglect has been committed by or on behalf of any person in connection with or in relation to any relevant instrument which is the subject of any enquiries, action or assessment.”.