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Finance (No. 2) Act 2007

In short

This law amends the Stamp Duties Consolidation Act 1999, specifically concerning residential property first-time purchaser relief. It modifies the conditions under which stamp duty is not charged or can be repaid for certain instruments related to property purchases.

What it regulates

  • Exemption from stamp duty for certain instruments related to residential property first-time purchasers.
  • Conditions for instruments executed between March 31, 2007, and the passing date of this Act, even if they lack specific statements.
  • Procedures for claiming a refund of stamp duty paid if an instrument becomes exempt due to these amendments.
  • Requirements for purchasers making a claim for repayment of stamp duty.

Who it concerns

  • First-time purchasers of residential property.
  • The Commissioners (presumably tax authorities).

Key points

  • Stamp duty is not chargeable under specific paragraphs and clauses of the Stamp Duties Consolidation Act 1999 for instruments to which this section applies.
  • Instruments executed on or after March 31, 2007, and on or before the date of the passing of the Finance (No. 2) Act 2007, may qualify for relief even without certain statements, provided conditions are met.
  • If an instrument becomes exempt due to this Act, the Commissioners shall cancel and repay duty paid, provided specific conditions for claiming repayment are satisfied.
  • To claim repayment, the purchaser must produce the stamped instrument, a written declaration confirming compliance with conditions, and any other information the Commissioners reasonably require.
Legal text
Legal text

Finance (No. 2) Act 2007 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.

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  2. ie)Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(
  3. s)or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 2007 Finance (No. 2) Act 2007 Finance (No. 2) Act 2007 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 31 of 2007 FINANCE (NO. 2) ACT 2007 ARRANGEMENT OF SECTIONS Section 1. Amendment of section 92B (residential property first time purchaser relief) of Stamp Duties Consolidation Act 1999. 2. Short title and construction. Acts Referred to Stamp Duties Consolidation Act 1999 1999, No. 31 Number 31 of 2007 FINANCE (NO. 2) ACT 2007 AN ACT TO PROVIDE FOR THE AMENDMENT OF THE STAMP DUTIES CONSOLIDATION ACT 1999. [9th July, 2007] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: Amendment of section 92B (residential property first time purchaser relief) of Stamp Duties Consolidation Act 1999. 1.—

(1)Section 92B of the Stamp Duties Consolidation Act 1999 is amended— (a) by substituting the following for subsection
(2): “
(2)Stamp duty shall not be chargeable under or by reference to paragraphs
(2)to (6A) of the Heading ‘CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance’ or clauses (ii) to (vii) of paragraph
(3)(
  1. a)of the Heading ‘LEASE’, as the case may be, in Schedule 1 on any instrument to which this section applies.”, (
  2. b)in subsection
(3)— (
  1. i)in paragraph (
  2. a)by substituting “first time purchaser,” for “first time purchaser, or”, (
  3. ii)in paragraph (
  4. b)by substituting “during that period, and” for “during that period.”, and (iii) by inserting the following after paragraph (b): “(
  5. c)any instrument, executed on or after 31 March 2007 and on or before the date of the passing of the Finance (No. 2) Act 2007, that does not contain such a statement as is referred to in paragraph (
  6. a)or (b)— (
  7. i)where— (I) section 92 applies to that instrument, and (II) the purchaser has complied with, and has undertaken to continue to be bound by, the conditions, liabilities and obligations under section 92 and has satisfied, or, as the case may be, undertaken to be bound by, the conditions (including the condition set out in such a statement as is referred to in paragraph (
  8. a)notwithstanding that the said instrument does not contain such a statement), liabilities and obligations referred to in this section, or (
  9. ii)where— (I) had that instrument contained a statement such as is referred to in paragraph (b), such statement would have been true and correct, and (II) the purchaser has satisfied, or, as the case may be, undertaken to be bound by, the conditions (including the conditions set out in such a statement as is referred to in paragraph (
  10. b)notwithstanding that the said instrument does not contain such a statement), liabilities and obligations referred to in this section.”, (
  11. c)in subsection
(4)(
  1. a)by deleting “the difference between” and “and the amount of duty which was actually charged”, and (
  2. d)by inserting the following after subsection
(8): “
(9)Where, by virtue of the amendment of this section by the Finance (No. 2) Act 2007, an instrument is one in respect of which stamp duty is not chargeable under or by reference to any of the paragraphs or, as the case may be, clauses referred to in subsection
(2), the Commissioners, on a claim being made to them in that behalf and on the conditions set out in subsection
(10)being satisfied, shall cancel and repay such duty paid as would not have been charged had this section been so amended before the instrument was executed.
(10)The conditions required by this subsection are that the purchaser (in this subsection referred to as the ‘claimant’), when making a claim for repayment, shall produce to the Commissioners— (
  1. a)the stamped instrument, (
  2. b)a declaration made in writing by the claimant, in such form as the Commissioners may specify, confirming to the satisfaction of the Commissioners that— (
  3. i)where the instrument is one to which this section applies by virtue of paragraph (
  4. a)or (
  5. b)of subsection
(3), the claimant has complied with the conditions, liabilities and obligations under either or both this section and section 92, as the case may be, and has undertaken to continue to be bound by those conditions, liabilities and obligations, (ii) where the instrument is one to which subsection
(3)(c)(
  1. i)applies, the claimant has complied with, and has undertaken to continue to be bound by, the conditions, liabilities and obligations under section 92 and has satisfied, or, as the case may be, undertaken to be bound by, the conditions (including the condition set out in such a statement as is referred to in paragraph (
  2. a)of that subsection notwithstanding that the said instrument does not contain such a statement), liabilities and obligations referred to in this section, or (iii) where the instrument is one to which subsection
(3)(c)(
  1. ii)applies, the claimant has satisfied, or, as the case may be, undertaken to be bound by, the conditions (including the conditions set out in such a statement as is referred to in paragraph (
  2. b)of that subsection notwithstanding that the said instrument does not contain such a statement), liabilities and obligations referred to in this section, and (
  3. c)such information as the Commissioners may reasonably require for the purposes of this subsection.
(11)A reference in subsection
(3)(c) or subsection
(10)to the purchaser, shall be construed as including a reference, where there is more than one purchaser, to each and every one of the purchasers.”.
(2)This section applies as respects instruments executed on or after 31 March 2007. Short title and construction. 2.—
(1)This Act may be cited as the Finance (No. 2) Act 2007.
(2)This Act shall be construed together with the Stamp Duties Consolidation Act 1999 and the enactments amending or extending that Act. Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais

AI explanation based on the official legal text. Indicative, not a substitute for legal advice.