THE REVENUE Commissioners has collected an additional €7.5 million since the end of last month in stamp duty and interest for the late processing of transactions under a special penalty amnesty.
This brings the total collected by the Revenue to €37.5 million under its “stamp duty incentive scheme” to encourage solicitors to present old deeds for stamping before the introduction of electronic stamping later this year.
Solicitors who availed of the Revenue’s “incentive scheme” avoided penalties of up to 30 per cent of the duty payable.
The Revenue has collected €30.3 million in stamp duty and interest of €7.19 million under the amnesty for solicitors and clients.
Most of the instruments stamped late were deeds for property where, for example, the client may not initially have been able to afford the stamp duty.
Solicitors are normally charged a €25 penalty, interest and a surcharge penalty of up to 30 per cent of the stamp duty owing after 12 months if a deed is not stamped within 44 days of the transaction.
