Stamp Duties Consolidation Act 1999 section 126A

Levy on certain financial institutions

Section 126A imposed a temporary stamp duty levy on certain financial institutions for the years 2003, 2004 and 2005, calculated by reference to the deposit interest retention tax (DIRT) those institutions had paid in 2001.

• The levy applied to "relevant persons" — broadly, financial institutions that had been obliged to pay DIRT or amounts on account of DIRT in 2001.
• The charge was 50% of the institution's "assessable amount", being essentially the DIRT it had paid (or should have paid) for the year 2001.
• A group-level cap applied: where total group stamp duty exceeded 0.15% of group relevant deposits, the excess was apportioned and used to reduce each member's charge.
• Each relevant person had to deliver a statement and pay the duty by 20 October in each of 2003, 2004 and 2005, with interest and a 1% per day penalty for default.