Global Daily Tax News, Ireland Clarifies Stamp Duty Exemption For Company Restructurings, (Nov 15, 2024)

The Irish Revenue has updated its Stamp Duty Manual on reconstructions or amalgamations of companies.

Stamp Duty Manual Part 7: Section 80 has been amended in section 8 - Withdrawal of exemption. This is to clarify the circumstances in which relief under section 80 of the Stamp Duties Consolidation Act 1999 will be withdrawn.

Section 80 of the Stamp Duties Consolidation Act (SDCA) 1999 makes provision for a Stamp Duty exemption to apply on the transfer of certain property in connection with:

• a scheme for the bona fide reconstruction of a company or amalgamation of companies (subsection (2));

• a merger of companies undertaken in accordance with Chapter 3 of Part 9 or Chapter 16 of Part 17 of the Companies Act 2014 (subsection (4)).

Such transactions may involve transfers of property such as shares, real property, and/or debt.

The publication contains general guidance on the operation of section 80.