Finance Bill closes stamp-duty loopholes

Minister for Finance Brian Cowen has proposed changes to close stamp duty avoidance schemes in which property developers leave site purchases ‘‘resting on contract’’ or enter into licence agreements with landowners.

Minister for Finance Brian Cowen has proposed changes to close stamp duty avoidance schemes in which property developers leave site purchases ‘‘resting on contract’’ or enter into licence agreements with landowners.

The changes were introduced by amendment at the committee stage of the Finance Bill last week and affect both the purchase of land and agreements for leases.

Until now, land purchase transactions could be structured in such a way that developers could ...