Revenue are currently updating their online stamp duty system to enable individuals to process refunds under the Stamp Duty Refund Scheme by the end of July. A potential refund of up to 4% of stamp duty paid on land acquired since 11 October 2017 (which was subject to 6% stamp duty rate) is available where the land is used for residential development.
The construction operations must commence within 30 months of the land purchase, however any time delays pertaining to concluding planning may be aggregated to the 30 month limit. The scheme is set to run until 1 January 2022.
There is a four year time limit with regard to claiming a refund under the scheme. The following documentation is required
for the reclaim:
- A statutory declaration stating that building work commenced within the 30 month period immediately following the date of execution of the stamp duty instrument.
- A statutory declaration stating the proportion of the area of the land in respect of which the refund is claimed. Penalties may apply in the event of false or incorrect declaration
- A certified copy of the deed of land transfer.
- Where there is more than one accountable person, a claim requires the written consent of all the accountable persons making the claim