Stamp Duties Consolidation Act 1999 section 126B

Assessment of duty charged on statements

Section 126B gives Revenue the power to raise an assessment of stamp duty on a financial institution that has failed to deliver, or has delivered an incomplete, statement in relation to any of the levies in Part 9 of the SDCA 1999.

• Revenue may assess the duty where a relevant person has either failed to deliver a statement, or has delivered one that is not full and proper, under any of the specified levy sections.
• An assessment is served in writing on the relevant person, who then becomes liable for the assessed duty together with any interest and penalty, exactly as if the duty had been charged on the statement itself.
• The relevant person may appeal to the Appeal Commissioners within 30 days of the notice, but only after paying the duty in conformity with the assessment and, where applicable, delivering the outstanding statement.
• Revenue may substitute a revised assessment if the original is incorrect, or make an additional assessment if the original was an under-assessment; every assessment includes any late filing surcharge under section 126C(3).