Stamp duty

Overview

Stamp duty can be complex and it can have a significant impact on your business. While stamp duty largely relates to Irish property transactions or transactions concluded in Ireland, it can also relate to the transfer of stocks and securities. These issues have an impact on both local and foreign business transactions, therefore it’s important to consider the wider impact of stamp duty on your business.

What is stamp duty payable on?

Stamp duty mostly arises on documents transferring an interest in property. The rate of stamp duty on transfers of commercial property and business assets is 2%. Stamp duty also peaks at 2% on residential property. The tax also arises on certain insurance policies, bank cards and financial instruments.

Potential issues

  • You are looking to transfer specific business assets and are unsure how stamp duty affects this transaction.
  • You are looking to incorporate your business.
  • You are dealing with cross-border transactions and are unsure whether or not you are required to pay stamp duty in Ireland or abroad.
  • You are unclear of the rate of tax you should pay on a specific transaction and if there are exemptions which apply to you.
  • You are facing a revenue audit/inspection and require professional support and advice.

How can we help?

Our team would be happy to advise you on any area of Irish stamp duty and is part of a worldwide network that can advise on stamp taxes in any foreign jurisdictions in which you may be conducting business. Some of the areas where we can help include:

  • Property transactions: With a rate of 2% on commercial property and up to 2% on residential property, stamp duty can add significant cost to property acquisitions. We can assist clients in managing stamp duty on whatever form their property acquisitions may take and can also help in identifying any applicable reliefs or exemptions.
  • Dealings with revenue: We can assist in making submissions to Revenue in relation to specific stamp duty issues, seeking and obtaining stamp duty refunds and general discussions and liaison with Revenue on your behalf.
  • E-stamping: Under the new e-stamping system, the payment of stamp duty on an instrument is now evidenced by the attachment of a “stamp certificate”. We can help you to meet your stamp duty obligations under the e-stamping system and can assist non-resident clients in obtaining the tax registration numbers mandatory for all transactions liable to Irish stamp duty.
  • Business transactions: There can be stamp duty implications on many common business transactions, including, partnerships, receiverships and liquidations, mergers and acquisitions, transfers within corporate groups. We can provide advice and support on the stamp duty implications of each of these areas.
  • Succession planning: Protecting wealth and providing for one’s family is very important to most people. Together with our private client team we can advise clients on the stamp duty implications of trusts, gifts of property and wills.
  • Agriculture: Stamp duty can also arise on transfers of farmland. We can help you to determine if stamp duty is payable and whether you are eligible for any exemptions or reliefs.
  • Financial service: Stamp duty is also very important in the financial services area. Whether its banking and insurance, financial instruments and products or share transactions and asset management, we have the knowledge and experience to help you.

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Contact us

Darragh Duane

Director, PwC Ireland (Republic of)

Tel: +353 1 792 6313

Beryl Power

Senior Manager, PwC Ireland (Republic of)

Tel: +353 1 792 6285

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