Revenue has advised of changes in relation to the stamp duty regime with effect from 7th July, 2012 when a self-assessment regime will be introduced. Also, a new late filing surcharge will apply to instruments executed on or after that date.
The Finance Act 2012 provides for the removal of adjudication and the treatment of all stamp duty returns on a self-assessed basis. Any stamp duty return filed for instruments executed on or after 7th July 2012 will be subject to the new self-assessed regime. Returns for instruments executed prior to this date will continue to be treated as heretofore.
The introduction of self-assessment means that, for instruments executed on or after 7th July, Revenue will no longer examine instruments prior to stamping and the stamp certificate will issue immediately after the return is lodged, provided all charges are paid.
In addition, for instruments executed on or after 7th July only, a new late filing surcharge regime will apply and new rules will be introduced for submissions under the Expression of Doubt facility.
Comprehensive information on the changes under self-assessment will be available shortly on Revenue’s website.
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