Revenue eBrief No. 035/23

23 February 2023

Stamp Duty Manual - "Schedule 1 to Stamp Duties Consolidation Act 1999" - Updated

Schedule 1 to the Stamp Duties Consolidation Act (SDCA) 1999 lists, in alphabetical order, the various instruments which are within the charge to stamp duty.

Schedule 1 – Tax and Duty Manual has been updated to reflect recent developments:

• Finance Act 2021 abolished the stamp duty charge that currently applies on bills of exchange (i.e. cheques, drafts and money orders) by deleting the “BILL OF EXCHANGE” head of charge from Schedule 1 and replaced it with a new annual levy on bills of exchange, which is provided for by a new section 123D “Bills of Exchange”. Under section 123D, stamp duty at the rate of €0.50 will be payable in respect of each bill of exchange that is processed (or issued, subject to an election being made) in each calendar year.
• Finance Act 2022 inserted a new section 654A in the Taxes Consolidation Act (TCA) 1997, which streamlines how agricultural qualifications are listed and updated for the purposes of various tax relief schemes, including consanguinity relief, which is provided for in Schedule 1.