Stamp Duties Consolidation Act 1999 section 5

Agreement as to payment of stamp duty on instruments

Section 5 allows the Revenue Commissioners to enter into composition agreements with businesses so that stamp duty on multiple instruments can be collected in bulk rather than on each individual instrument.

• Revenue may agree with a business (or its agent) that stamp duty on instruments chargeable under Schedule 1 be paid periodically in aggregate rather than instrument by instrument, where individual stamping would be inexpedient or impractical.
• Instruments covered by a composition agreement are not individually chargeable to stamp duty, provided they contain a statement that duty has been or will be paid under the agreement; instead, a single duty payment equal to the aggregate of all individual charges is made at the end of each account period.
• A person who fails to deliver the required account or to pay the duty on time faces a penalty of up to €125 per day for each day the default continues, together with interest on the unpaid duty at a rate of 0.0219 per cent per day from the date the default begins.
• Revenue may make assessments in relation to duty due under composition agreements, applying the assessment provisions of section 126B with any necessary modifications.