Stamp Duties Consolidation Act 1999 section 31

Certain contracts to be chargeable as conveyances on sale

Section 31 provides that certain contracts for the sale of property are chargeable to stamp duty as if they were actual conveyances on sale, and sets out rules for duty on sub-sales, conveyances following contracts, and refunds where contracts are not carried into effect.

• A contract for the sale of an equitable estate or interest in property, or for the sale of intangible property such as goodwill, book debts, or cash on deposit, is chargeable to the same ad valorem duty as a conveyance on sale, payable by the purchaser.
• Where a purchaser who has already paid duty on a contract enters into a further contract to sell the same property before taking a conveyance, duty on the second contract is charged only on the excess of the second consideration over the first; if there is no excess, no further duty arises.
• Once duty has been paid on the contract, the actual conveyance or transfer is not chargeable with any duty, and Revenue will issue a stamp certificate confirming this where an electronic or paper return has been filed.
• If the contract is rescinded, annulled, or not substantially performed so as to be followed by a conveyance, Revenue will refund the duty paid, subject to a four-year time limit from the date the contract is stamped under section 159A.