CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Cowen Amends Irish Share Duty Reliefs

Cowen Amends Irish Share Duty Reliefs

by Jason Gorringe, Tax-News.com, London

26 September 2007


Ireland's Finance Minister, Brian Cowen has signed an order that will commence the provisions of section 109 of the Finance Act 2007 with effect from 1 October 2007.

Section 109 amends existing provisions of the Stamp Duties Consolidation Act 1999 and inserts two new sections, section 75 and section 75A into that Act.

As a consequence, from 1 October 2007 the following reliefs and exemptions are abolished: stamp duty exemption for market makers on the Irish Stock Exchange and the London Stock Exchange; stamp duty relief for member firms (broker/dealer relief) of those exchanges; entitlement to repayment of stamp duty, or 'closings relief, under section 73(1)(b) of the Stamp Duties Consolidation Act 1999, subject to transitional arrangements.

The order signed by Cowen will create a new stamp duty relief for “recognised intermediaries” where they acquire Irish securities on any exchange or market operated by: the Irish Stock Exchange Limited; the London Stock Exchange plc; Plus Markets plc and markets operated by it; and POSIT operated by Investment Technology Group Limited.

A specific stamp duty exemption is also available on certain transfers of Irish securities in a settlement chain involving a Central Counterparty.

The Revenue Commissioners have designated, with effect from 1 October 2007, Plus Markets plc and markets operated by it, and POSIT operated by Investment Technology Group Limited, as an exchange or market for the purposes of the new intermediary relief.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »