Irish Revenue Commissioner Announces Stamp Duty Regulations Update

by Amanda Banks, Tax-News.com, London

15 August 2008

Ireland's Revenue Commissioner, Michael O'Grady, has this week announced changes to the Republic's Stamp Duty regulations - with particular regard to the Designation of Clearing Houses section.

According to the amendments, as at 4th August 2008, the European Multilateral Clearing Facility N.V. has been designated as a recognised clearing house for the purposes of section 75A (inserted by section 109 of the Finance Act 2007) of the Stamp Duties Consolidation Act 1999.

Mr O'Grady explained:

"Section 75A of the Stamp Duties Consolidation Act 1999 provides for an exemption from stamp duty on a transfer of securities to and from a recognised clearing house, commonly known as a “CCP”, in specified circumstances."

He concluded: "The purpose of these Regulations is the designation by the Revenue Commissioners, as on and from 4 August 2008, of European Multilateral Clearing Facility N.V. as a recognised clearing house for the purposes of section 75A of the Stamp Duties Consolidation Act 1999."

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