Electronic Share Trading (CREST)
Market capitalisation exemption
The market capitalisation exemption applies to certain transfers of stocks and marketable securities (relevant securities). The exemption is available from 1 January 2026 until 31 December 2030. An overview of the exemption is provided on this page. For further guidance, please refer to Stamp Duty Manual Part 7 - Section 86B: Market capitalisation.
Qualifying conditions
The exemption applies if three conditions are met.
Condition 1
At the date of the transaction, the relevant securities are admitted to trading to a relevant market. A relevant market is:
- A regulated market within the meaning of the MiFID II Directive. (For example, Euronext Dublin.)
- A multilateral trading facility within the meaning of the MiFID II Directive. (For example, the Euronext Growth market operated by Euronext Dublin.)
- or
- A market outside the European Union (EU) which is equivalent to a regulated market or multilateral trading facility. (For example, the London Stock Exchange.)
Condition 2
The closing market capitalisation of the issuer of the relevant securities was below €1 billion on 1 December of the previous year.
If the relevant securities were admitted to trading after 1 December of the previous year, an alternative condition applies. This alternative condition is that the expected market capitalisation of the issuer upon admission to trading was below €1 billion.
Condition 3
The transaction takes place during the exemption period.
Exemption Period
The exemption cannot apply unless a valid notification to Revenue of the applicable market capitalisation is made.
Where a valid notification of an issuer's closing market capitalisation at 1 December of a particular year is made, the exemption period:
- commences two weeks after the notification is made, or on 1 January of the following year, whichever is the later
- and
- ends on the following 31 December.
- Example 1
A valid notification in respect of the market capitalisation of a company on 1 December 2025 is made on 6 December 2025. The exemption period:
• commences on 1 January 2026
and
• ends on 31 December 2026.
- Example 2
A valid notification in respect of the closing market capitalisation of a company on 1 December 2025 is made on 2 January 2026. The exemption period:
• commences on 16 January 2026
and
• ends on 31 December 2026.
Where a valid notification of an issuer’s expected market capitalisation upon admission to trading after 1 December of a particular year is made, the exemption period:
- commences two weeks after the notification is made, or on 1 January of the following year, whichever is the later
- and
- ends on the following 31 December.
- Example 3
A company is to admit relevant securities to trading to a relevant market on 27 February 2026. A valid notification in respect of the expected market capitalisation of the company is made on 12 February 2026. The exemption period:
• commences on 27 February 2026
and
• ends on 31 December 2026.
How to make a valid notification
A valid notification in respect of the applicable market capitalisation can be made to Revenue by:
- the market operator
- or
- the issuer of the relevant securities.
To make a valid notification, you must email the following to CREST@revenue.ie:
Relevant information in support of the notification must be included. This should include an explanation as to how the market capitalisation was calculated.
Details of information notified to Revenue
Details of market capitalisation notifications 2025 indicates the valid notifications made to Revenue for the year 2025. This includes details of the exemption periods relating to each issuer.
If you need assistance
If you require assistance, please email CREST@revenue.ie using the subject line “Market cap exemption”.
How to claim the exemption
The exemption can be claimed where relevant securities are:
- traded electronically (in the electronic settlement system)
- or
- transferred by stock transfer form (in a Stamp Duty Return filed via the e-stamping system).