Section 2 Charging of, liability for, and recovery of stamp duty
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(1) Any instrument which-
(a) is specified in Schedule 1, and
(b) is executed in the State or, wherever executed, relates to any property situated in the State or any matter or thing done or to be done in the State,
shall be chargeable with stamp duty.
(2) The stamp duties to be charged for the benefit of the Central Fund on the several instruments specified in Schedule 1 shall be the several duties specified in that Schedule, which duties shall be subject to the exemptions contained in this Act and in any other enactment for the time being in force.
(3)(a) Any instrument chargeable with stamp duty shall, unless it is written on duly stamped material, be duly stamped with the proper stamp duty before the expiration of 30 days after it is first executed, unless the opinion of the Commissioners with respect to the amount of duty with which the instrument is chargeable, has, before such expiration, been required under this Act.
(b) If the opinion of the Commissioners with respect to any instrument chargeable with stamp duty has been required within 30 days after its first execution, the instrument shall be stamped in accordance with the assessment of the Commissioners within 14 days after notice of the assessment.
What is the time limit for payment of stamp duty?
(3) An instrument must be stamped within 30 days of the date of its execution, i.e., the date it is put into effect. This rule does not apply if the Revenue's opinion is sought as to the amount of duty chargeable on the instrument....
(4) Where any instrument chargeable with stamp duty is not stamped or is insufficiently stamped-
(a) the accountable person shall be liable, and
(b) where there is more than one such accountable person they shall be liable jointly and severally,
for the payment of the stamp duty or, where the instrument is insufficiently stamped, the additional stamp duty ...1[, any interest and penalty]2 relating to any such duty ...1.
Amendments
1 Repealed by Finance (No. 2) Act 2008 section 97 and Schedule 4 para 2 as respects any tax that becomes due and payable on or after 1 March 2009.
2 Substituted by Finance (No. 2) Act 2008 section 98 and Schedule 5 Part 5 Chapter 2 para 7(b) from 24 December 2008 and to the extent that Chapter 3A applies to penalties incurred under the Stamp Duties Consolidation Act 1999 before 24 December 2008 which by 24 December 2008 have not been paid, it shall not apply to such penalties which are in the form of interest accrued under any provisions of the act.
Where there is a failure to stamp an instrument or it is inadequately stamped, who is liable for the additional stamp duty?
(4) The accountable person is liable for the additional stamp duty where an instrument has not been stamped or has been insufficiently stamped. If there is more than one accountable person, they are jointly and severally liable....
